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Friday 3rd July
Yesterday the FTSE 350 Index closed down 2.4% at 2212.2.
BHP Billiton has signed an agreement to sell the Yabulu nickel refinery to companies wholly owned by Professor Clive Palmer. Terms of the sales are confidential.
Balfour Beatty said that trading in the year continues to be in line with expectations.
Thursday 2nd July
Yesterday the FTSE 350 Index closed up 2.0% at 2265.9.
Game Group released an AGM statement in which it said that the Company continues to perform in line with expectations. For the first 21 weeks to 27th June 2009 like-for-like sales were down 15.4%. The Board remains confident in the outlook for the year.
Rio Tinto received valid acceptances in respect of 96.97% of the new shares offered pursuant to the 21 for 40 rights issue announced on 5th June 2009.
Intermediate Capital said that performance continues to be broadly resilient, with no material change since the full year results reported on the 2nd June 2009. The Company also announced a 7 for 2 rights issue to raise net proceeds of approximately £351m.
Greene King released preliminary results for the 52 weeks ended 3rd May 2009 in which it reported an increase in revenue of 1.3% to £942.3m. Profit before tax was down 15.0% to £139.4m with retail like-for-like sales up 1.7% whilst maintaining gross margins. The proposed final dividend of 15.1p has been held to give a full year dividend of 22.4p, also held flat against the full dividend last year.
Wednesday 1st July
Yesterday the FTSE 350 Index closed down 1.0% at 2220.5.
Carillion has completed the transaction to sell its external IT business to Capita for a consideration of £36m.
WSP Group said that the Group continues to trade in line with the Board’s expectations in some very challenging markets.
Hunting released a trading update ahead of its half year results in which it said that given the global financial developments combined with the significant decline in commodity prices, overall trading in the first half of the year has been satisfactory.
Morgan Sindall reported that the Group remains on track to meet expectations for the current year and is trading positively, despite continuing to face challenging conditions in some of the construction and regeneration markets.
Shaftesbury announced that it received valid acceptances in respect of approximately 98.17% of the new shares offered pursuant to the 2 for 3 rights issue announced on 20th May 2009.
National Express reported that trading conditions throughout the first half year have remained challenging, with all businesses experiencing difficult market conditions, whether in reduced passenger volumes or in lower growth yield. In addition, higher hedged fuel costs are expected to add £11m to costs in the first half, while increased pension costs will add a further £3m. As a result, profitability in the first half will be adversely impacted, primarily in the East Coast rail franchise, which is expected to lose over £20m. After discussions with the UK Department of Transport the franchise will continue to be supported by the Company in line with its franchise support commitments until the committed funding is fully utilised, expected to be later in 2009.
International Power is to sell its Czech business to J & T Group for an enterprise value of £738.3m.
Marks & Spencer Group released an interim management statement for the 13 weeks to 27th June 2009 in which it reported an increase in Group sales of 2.9%. The Company continues to remain cautious about the outlook for the remainder of this and next year and will continue to run the business accordingly.
Tuesday 30th June
Yesterday the FTSE 350 Index closed at 2243.4, a rise of 1.2%.
HMV announced a final dividend of 5.6p, making 7.4p for the year. Profit after tax and exceptional items was £44.2m, up from £37.3m last year. The company says it is maximising the opportunities arising from the withdrawal of competitors.
Aminex is to raise $11.45m through a placing and another $3m from an open offer of 1 new share for every 8 to fund exploration and development.
Petrofac reported a good start to the year and expects 2009 to be another year of strong growth.
Carpetright announced a final dividend of 4p against 30p last year to make a total of 8p for the year, down from 52p. Profit before tax was £16.7m compared to £59.5m in the previous year.
Assura announced that revenues last year rose 19% to £48.3m.
Laird said in its interim trading statement that revenue has fallen 15% and margins have dropped to mid single digits.
Yell said it expects revenues in Q2 to fall 17% and EBITDA to decline 30%.
Wolseley announced that its CEO Chip Hornsby has stepped down with immediate effect and is replaced by Ian Meakin from Travelex.
Monday 29th June
On Friday the FTSE 350 Index closed down 0.2% at 2215.7, a rise of 0.5% over the week.
Senior said that overall, the Group continues to trade satisfactorily, with profitability in line with the Board’s expectations for the first half of 2009.
Premier Foods reported that trading over May and June has continued in line with trends seen in the first four months of 2009. Expectations for sales and profit for the half year and full year remain unchanged.
Hargreaves Lansdown released a trading update in which it announced that the Group expects to announce pre-tax profits for the full year which are slightly ahead of the top end of market expectations.
Informa said that trading is in line with management expectations, despite very challenging trading conditions. Half year results will be announced on 28th July 2009.
Friday 26th June
Yesterday the FTSE 350 Index closed down 0.5% at 2219.5.
International Personal Finance said that since the interim management statement on 8th May 2009, trading has been in line with management’s expectations.
Forth Ports expects the results for the first half to be in line with last year with the exception of Nordic, the materials recycling business, and Tilbury Container Services which have been more severely affected by the economic downturn.
Filtrona said that the Company’s overall performance in the year-to-date has been in line with expectations.
Davis Service Group reported that revenue in the first five months of trading in 2009 was ahead of 2008 while operating profit was broadly in line, benefiting from a favourable foreign exchange translation. The Group remains focussed on delivering its expectations for the year.
Berkeley Group Holdings announced that despite the harsh trading environment, the Company reported a pre-tax profit of £120.4m compared to £194.3m for the same period the previous year. Operating margins are 17.8% and there have been no land write downs.
Thursday 25th June
Yesterday the FTSE 350 Index closed up 1.3% at 2231.3.
Eaga announced that trading for the year to 31st May 2009 was in line with the Board’s expectations.
DS Smith released results for the year ended 30th April 2009 in which it reported an increase in revenue of 7.1% to £2,106.6m. Profit before tax was down 84.6% to £16.8m. After exceptional items the Group made a post-tax loss of £11.2m. As part of a series of actions designed to ensure the Group remains financially sound the Board has decided to recommend a reduced final dividend of 1.8p making a total dividend for the year of 4.4p, half the level for the previous year of 8.8p.
Micro Focus International saw revenue increase 20.4% to $274.7m in the year to 30th April 2009. Adjusted profit before tax was up 30.8% to $115.9m. The total dividend for the year is up 20% to 15.6 cents.
DGS International said that total underlying Group sales were down 1% to £8,227.0m in the year ended 2nd May 2009 while like-for-like sales were down 9%. After the deduction of net non-underlying charges of £190.9m the Group made a total loss before tax of £140.4m. As previously announced, no dividend will be paid for 2008/09 or 2009/10.
Wednesday 24th June
Yesterday the FTSE 350 Index closed down 1 point at 2203.7.
Inchcape said that total sales for the five months to 31st May 2009 were down 16.3% in sterling terms and down 22.6% in constant currency terms. In the second quarter, pre-tax profits are expected to be significantly ahead of the £20m reported for the first quarter but well below the same period last year.
Stagecoach Group released preliminary results for the year ended 30th April 2009 in which it reported revenue of £2,103.3m, up £339.7m compared to the previous year. Total operating profit was up around 20% to £227.8m. The full year dividend is up 11.1% at 6.0p.
Kesa Electricals saw group revenue increase by 9.8% to £4,954.1m in the year ended 30th April 2009. The Company reported a loss before tax of £81.8m, compared to a profit of £128.8m the previous year. The Board is recommending a final dividend of 3.25p bringing the total dividend for the 12 month period to 5.0p.
Shanks Group received valid acceptances in respect of 95.59% of the new shares offered pursuant to the 2 for 3 rights issue announced on 21st May 2009.
Tuesday 23rd June
Yesterday the FTSE 350 Index closed down 2.5% at 2262.1.
Thomson Reuters today announced a plan to unify its dual listed company structure.
Bunzl released a trading statement for the six months ending 30th June 2009 in which it said Group revenue growth would be around 17%, consistent with the level of growth reported in the recent interim management statement. Overall, trading is in line with full year expectations.
Chemring Group said that revenue from continuing operations was up 55% to £233.5m in the six months to 30th April 2009. The order book is at a record £603m, up 42% since June 2008 while profit before tax was up 44% to £29.9m. The interim dividend has been raised by 40% to 14p.
Aggreko expects that headline revenues will grow by at least 20% and that profit before tax will be about 55% higher than the previous year in respect of the half year ending 30th June 2009. Overall, the Board maintains the guidance given for the year at the preliminary results in March, which is that profits in constant currency will be at similar levels in 2009 as those achieved in 2008.
Drax Group said that if commodity prices remain at current levels, full year EBITDA for 2009 will be in line with the market consensus. In a separate announcement issued today, the Company has announced its intention to raise approximately £100m via a placing of new ordinary shares with the proceeds being used to repay debt.
Monday 22nd June
On Friday the FTSE 350 Index closed up 1.49% at 2262.08.
Xtrata has approached Anglo American seeking consideration of a merger of equals of the two companies. The company will release a statement if and when appropriate.
Brixton will give an update to shareholders at its AGM today, updating on their progressing additional financial flexibility and will update on a possible offer.
Melrose confirmed the completion of the sale of FKI Logistex Holdings Inc the holding company of the Logistex North America business, to Intelligrated Inc., proceeds of which will be used to repay group debt.
Great Portland Estates announce that under terms of the 8 for 11 Rights Issue announced on 19 May, valid acceptances had been received in respect of 126,777,488 New Shares, representing approximately 96.3% of the total number of New Shares offered to shareholders.
Cashbox is enabling all of its ATM sites to become Wi-Fi hotspots allowing users to surf, work, game or make cheaper VoIP calls with any wireless-enabled device using BT Openzone. The five year deal will allow cashbox’s client locations, of which there are more than 2,500 across the UK access to the high speed wireless broadband service.
Friday 19th June
Yesterday the FTSE 350 Index closed down 0.1% at 2228.8.
Taylor Wimpey released a trading update in which it said the Company has strengthened its financial position significantly during the first half of 2009 following the agreement of restructured debt facilities and the successful completion of the Placing and Open Offer. Net debt was £1.01b as at 17th June 2009, around £0.67b lower than at 31t December 2008. Year end net debt is expected to be below the current level.
Thursday 18th June
Yesterday the FTSE 350 Index closed down 1.3% at 2230.2.
Go-Ahead Group said that it remains confident that it will deliver a full year operating performance in line with expectations.
SIG expects, as a result of the continuing difficult market conditions, that underlying profit before tax for the financial year ending 31st December 2009 will be around the bottom end of the current range of market expectations.
Marston’s has announced a proposed fully underwritten 11 for 10 rights issue to raise gross proceeds of approximately £176m. The new shares will be issued at a price of 59p per shares.
Mouchel Group said that as a result of previously reported challenges in rail and in the Middle East, the Group’s performance for the current year will be below current expectations. The position in rail and in the Middle East will also impact next year although it is anticipated that this will be broadly offset by cost savings secured this year and by organic growth in the Group’s ongoing businesses, such that performance for the Group as a whole in 2009/10 will be broadly unchanged from the current year.
GKN has announced a rights issue to raise approximately £423m. The issue will be on the terms of 6 new shares for every 5 shares held at a price of 50p each.
Wednesday 17th June
Yesterday the FTSE 350 Index closed at 2259.5.
J Sainsbury saw total sales in the first quarter increase 3.2% while like-for-like sales were up 2.5% (7.0% excluding fuel). The Company also announced its intention to raise approximately £445m via a placing of new ordinary shares and an issue of convertible bonds. The proceeds will provide the Company with the financial flexibility to significantly grow the business further and faster.
WS Atkins released final results for the year ended 31st March 2009 in which it reported an increase in revenue of 13% to £1,487.2m. Profit before tax was up 12% to £102.7m. The Board has recommended a final dividend of 17.25p, making a total dividend for the year of 26.0p, up 8% on the previous year.
British American Tobacco today acquired from Rajawali Group and other shareholders an 85% stake in Indonesia’s fourth largest cigarette maker PT Bentoel Internasional Investama Tbk for $494m.
Tuesday 16th June
Yesterday the FTSE 350 Index closed down 2.7% at 2258.7.
Game Group said that the overall trading performance in the period from 1st February 2009 to 13 June 2009 was in line with the Board’s expectations.
Marshalls announced that it has received valid acceptances in respect of 90.4% of the new shares offered pursuant to the rights issue announced on 13th May 2009.
Kesa Electricals confirmed that it has entered into exclusive negotiations with Swiss electrical chain FUST regarding the sale of its Swiss operations for CHF20m. The sale will not result in a loss for the Group.
Halma released preliminary results for the year ended 28th March 2009 in which it reported an increase in revenue from continuing operations of 15% to £455.9m. Profit before tax from continuing operations was up 9% to £79.1m. The dividend has been increased by 5% to 7.93p, making the thirteenth consecutive year of dividend increases by the Company.
Whitbread started the new financial year in line with expectations with total like-for-like sales declining by 2.7% in the 13 weeks to 28th May 2009.
Tesco said that it has made a solid start to the financial year with Group sales for the thirteen weeks ending 30th May 2009 up by 12.6% excluding petrol. Operationally the business is performing in line with expectations and the outlook for the year as a whole remains unchanged.
Monday 15th June
On Friday the FTSE 350 closed down 0.5% at 2319.1, a fall of 0.7% over the week.
Lonmin announced that its Number One furnace has been shut down, following a matte run-out on Sunday 14th June. The initial estimate is that a full repair of the vessel is likely to take around 30 days. In order to mitigate the impact on production of this shut down and repair, the three Pyromet furnaces have already been started up and are expected to tap matte in 7 days.
Punch Taverns announced an intention to raise approximately £350m by means of a Firm Placing and a Placing and Open Offer of New Ordinary Shares. The Company also released an interim management statement in which it said that although demand levels are unlikely to improve in the near term, the Company is on track to meet expectations for the financial year.
Friday 12th June
Yesterday the FTSE 350 Index closed up 0.5% at 2330.6.
Barclays has announced that it has received a binding offer from BlackRock Inc. for the purchase of Barclays Global Investors business for a consideration of approximately $13.5b. As part of the consideration offered, Barclays would receive 37.8m new BlackRock shares, giving it an economic interest of approximately 19.9% of the enlarged BlackRock Group which would be named BalckRock Global Investors. The remainder of the consideration of $6.6b would be paid by BlackRock in cash.
3i Group has received valid acceptances in respect of approximately 96.55% of the total number of new shares offered pursuant to the 9 for 7 rights issue announced by the Company on 8th May 2009.
Thursday 11th June
Yesterday the FTSE 350 Index closed up 16 points at 2318.2.
Home Retail Group released an interim management statement in which it said Argos and Homebase each enjoyed better than expected sales in the 13 weeks to 30th May 2009. No material events, transactions or other impacts on the Group’s financial position have taken place since the previously announced 28th February 2009 balance sheet date.
Rexam has announced that it has refinanced its £775m revolving credit facility and a number of smaller bilateral facilities which mature in 2010.
AMEC has noted the announcement made today by GRD Limited regarding a conditional proposal by AMEC for the acquisition of GRD. AMEC has confirmed that it is in discussions with GRD, however the proposal remains conditional in a number of respects including completion of due diligence and negotiating and executing a binding implementation agreement. As such, there is no certainty that a formal offer will be made. A further announcement will be made as appropriate.
Wednesday 10th June
Yesterday the FTSE 350 Index closed unchanged at 2302.1.
BHP Billiton announced terms for a significant portion of 2009 BHP metallurgical coal contracts. Based on settlements to date US$ FOB prices for prime metallurgical coal products are expected to decrease by approximately 58% from 2008 levels.
Halfords Group released preliminary results for the 53 weeks ended 3rd April 2009 in which it reported revenue of £809.5m, unchanged from the previous year. Like-for-like sales were down 3.3% while profit before tax was down £16.9m to £77.5m. The Board has recommended a final dividend of 10.90p making a total dividend for the year of 15.90p, up 5.3% on the previous year.
PZ Cussons expects results for the year ended 31st May 2009 to be in line with expectations.
Eurasian Natural Resources Corporation said that sales and production volumes in the first quarter were better than management’s prior expectations. However, pressure on prices is expected to remain into the second half of 2009, particularly as a supply surplus remains in most markets.
Charter International said that following an acceptable start to the year, results for 2009 will reflect the weaker current trading conditions in ESAB’s European and other principle markets. If the difficult conditions seen in May persist, the Board would anticipate the outcome for 2009 being materially lower than its previous expectations.
Tuesday 9th June
Yesterday the FTSE 350 Index closed down 0.8% at 2302.2.
IG Group Holdings expects to report revenue of around £257m and adjusted profit before tax of around £125m for the year ended 31st May 2009.
Beazley Group announced that it has received FSA approval for the acquisition by Beazley of Beazley Group. The Company also intends to re-register as an English private limited company.
Greene King has agreed to acquire eleven high quality freehold managed pubs from Punch Taverns for a total consideration of £30.4m.
Monday 8th June
On Friday the FTSE 350 Index closed at 2319.62, a gain of 2.2% on the day but only 0.7% on the week.
Hunting announced it is to buy PT SMB Industri for $10.5m.
Pennon reported that it is to purchase London Recycling for £11m.
Barclays responded to press comment and said it was still considering bids for its iShares and BGI businesses but there was no certainty that it would achieve more than the $4.4b already offered by CVC for iShares.
Workspace has declared a final dividend of 0.5p.
Lloyds Banking Group reported that acceptances had been received for 9,043,154,385 Open Offer Shares amounting to 87% of the issue.
Friday 5th June
Yesterday the FTSE 350 Index closed down 2.8% at 2268.3.
Carphone Warehouse reported results in line with expectations for the year ended 31st March 2009. Revenue was down £39m to £1,385m while profit before tax was £133m. A final dividend of 3.0p has been declared making a total dividend for the year of 4.35p, an increase of 2% on the previous year. All existing guidance for 2010 has been reiterated, including strong cash flow growth.
Rio Tinto and BHP Billiton today signed a non-binding agreement to establish a production joint venture covering the entirety of both companies’ Western Australian iron ore assets. The joint venture will encompass all current and future Western Australian iron ore assets and liabilities and will be owned 50:50 by BHP and Rio. The joint venture will operate as a cost centre and deliver iron ore, in equal volumes, to ships designated by BHP Billiton and Rio Tinto to sell independently through their own marketing groups. In order to equalise the contribution value of the two companies, BHP Billiton will pay Rio Tinto US$5.8 billion for equity type interests at financial close to take its interest in the joint venture from 45 per cent to 50 per cent. Rio Tinto also announced a fully underwritten rights issue to raise gross proceeds of approximately $15.2b. The terms of the offer are 21 new shares for every 40 existing shares at 1,400p. The proceeds of the issue will enable the Group to meet its Alcan facility debt repayment obligations fully in 2009 and substantially in 2010.The previously announced Chinalco transaction has been terminated but Rio still sees potential for future collaboration.
Thursday 4th June
Yesterday the FTSE 350 Index closed down 2.0% at 2292.2.
Wm Morrison Supermarkets said that it has made a good start to the financial year, continuing to achieve sales growth will ahead of the market, despite facing tough prior year comparative figures. In the 13 weeks to 3rd May 2009, total sales excluding fuel were up by 9.2%. Overall, performance in the first quarter has been in line with expectations and the outlook for the year remains unchanged.
Wincanton saw revenue increase 9.1% to £2,361.3m in the 12 months ended 31st March 2009. Underlying profit before tax was down around 1.2% to £41.3m. The full year dividend remains unchanged at 14.91p.
W H Smith said total Group sales in the first 13 weeks of the second half of the financial year were up 1% with like-for-like sales down 4% compared to the same period last year. The current financial position is in line with expectations.
The Competition Commission has requested that Capita Group sell part of the IBS OPENSystems software business it acquired last year.
Johnson Matthey released preliminary results for the year ended 31st March 2009 in which it reported an increase in revenue of 5% to £7,848m. Profit before tax was down 5% to £249.4m. The total dividend for the year has been increased by 1% to 37.1p.
Lonmin has received valid acceptances in respect of 96.38% of the total number of new shares offered pursuant to the 2 for 9 rights issue announced on 11th May 2009.
Debenhams said that like-for-like sales were down by 0.8% for the 12 week period ended 23rd May 2009. The Board remains confident in the trading strategy and the outturn for the full year. The Company also announced a firm placing and placing and open offer to raise approximately £323m of gross proceeds. The proceeds will be used to reduce debt.
Helical Bar reported a profit before property write-downs, investment gains and tax of £16.2m for the year ended 31st March 2009, up from £8.9m the previous year. The final dividend has been maintained at 2.75p.
DGG International received valid acceptances in respect of approximately 97.1% of the new shares offered pursuant to the 5 for 7 rights issue announced on 30th April 2009.
Wednesday 3rd June
Yesterday the FTSE 350 Index closed down 0.6% at 2338.2.
Northumbrian Water Group released preliminary results for the year ended 31st March 2009 in which it reported a 3.5% increase in revenue to £694.1m. Profit before tax was down 10.3% to £273.6m. The dividend has been increased by 6% to 12.79p.
Amlin has entered into an agreement to acquire Fortis Corporate Insurance N.V. from the State of Netherlands for e350m. The Company also announced a placing of 23,502,567 shares, representing approximately 5% of Amlin’s issued ordinary share capital, to institutional investors to finance part of the consideration that is payable to the Seller. The balance of the consideration will be funded from Amlin’s existing cash resources.
Tuesday 2nd June
Yesterday the FTSE 350 Index closed up 2.1% at 2351.1.
Kingfisher released a trading update for the first quarter ended 2nd May 2009 in which it reported an increase in total Group sales of 9.6% to £2,641m. Retail profit was up 40.1% to £128m primarily reflecting a doubling of B&Q’s profit in the UK.
Pennon saw underlying operating profit increase by 7.0% to £259.0m for the year ended 31st March 2009. The Board has recommended a final dividend of 14.25p making a total dividend for the year of 21.0p, up 6.0% on the previous year.
Barclays has noted the announcement by International Petroleum Investment Company of its intention to dispose of around 1.3m of Barclays shares for which its entire holding of mandatorily convertible notes are exchangeable.
Intermediate Capital reported an increase in core income of £32m to £168m for the year ended 31st March 2009. Overall, the Company reported a loss before tax of £67m compared to a profit of £230 the previous year. The Board has proposed a final dividend of 20.5p making a total of 41.0p for the year, a decrease of 37% on the previous year.
Monday 1st June
On Friday the FTSE 350 Index closed up 0.7% at 2303.8, a rise of 0.2% over the week.
Chloride Group released preliminary results for the year ended 31st March 2009 in which it reported an increase in sales of 22% to £326.7m. Profit before tax was up 28% to £39.8m. The dividend has been increased by 18% to 4.70p.
Friday 29th May
Yesterday the FTSE 350 Index closed down -0.7% at 2287.9.
Electrocomponents released final results for the year ended 31st March 2009 in which it reported a reduction in revenue of 5.3% to £974.6m. Profit before tax was 1.2% higher at £96.5m. As previously announced the final dividend is 6p making a total dividend for the year of 11p, down 40.2% on the previous year.
Greene King received valid acceptances in respect of 93.2% of the new shares offered pursuant to the 3 for 5 rights issue announced on 23rd April 2009.
Severn Trent saw Group turnover increase 5.8% to £1,642.2m for the year ended 31st March 2009. Profit before tax was down 12.9% to £167.6m. The full year dividend has been increased by 2.6% to 67.34p.
Thursday 28th May
Yesterday the FTSE 350 closed at 2303.58, a gain of 4.2 points.
Wolseley reported that revenue for the 9 months to end April was 2% higher at £12,100m and trading profit fell 58% to £189m. Net debt was £1,534m after the rights issue. The group expects trading to deteriorate in the short term and remain challenging until 2010.
Man Group reported profit before tax for the year to end March of $743m, down from $2,079m. It is paying a final dividend of 24.8 cents making 44 cents for the year, the same as the previous year.
Speedy Hire announced a 9 for 1 rights issue to raise £100m at 23p for each new share.
Tate & Lyle reported a profit for the year to end March of £70m, down from £187m. It declared a final dividend of 16.1p a share making a total of 22.9p for the year, 1.3% higher than last year.
Wednesday 27th May
Yesterday the FTSE 350 Index closed up 0.9% at 2299.4.
The BSS Group released preliminary results for the year ended 31st March 2009 in which it reported an increase in revenue of 4.0% to £1,340.6m. Like-for-like revenue decreased 0.7% in the year while profit before tax was slightly lower at £57.8m. The final dividend has been maintained at 5.54p.
Informa announced that it had received valid acceptances in respect of 96.82% of the total number of new shares offered pursuant to the 2 for 5 rights issue announced on 1st May 2009.
Tuesday 26th May
On Friday the FTSE 350 Index closed at 2278.5, up 0.4% on the day and down 1.7% on the week.
Aveva Group released preliminary results for the year ended 31st March 2009 in which it reported strong growth in revenue, profit and cash. Revenue was up by 29% to £164m while profit before tax was up 32% to £59.2m. The final dividend has been increased by 30% to 6.5p making a total dividend for the year of 9.36p.
Friday 22nd May
Yesterday the FTSE 350 Index closed down 2.8% at 2268.3.
Marston’s said that performance in the 28 weeks ended 4th April 2009 was resilient in a difficult trading environment. Turnover was down 2.8% at £307.5m while underlying operating profit was 9.9% below the previous year at £65.4m. The interim dividend is unchanged at 4.80p.
British Airways released preliminary results for the year ended 31st March 2009 which it said reflect the bleak trading environment. Overall the Company reported a loss before tax of £401m including restructuring costs of £78m with a total fuel bill of almost £3b. The revenue outlook continues to be weak during the current financial year but fuel prices are expected to be lower and reduce overall fuel costs by around £400m. In light of this, the Board says it is unable to recommend a dividend this year.
Findel has confirmed that the Board has decided to examine the possibility of an equity issue alongside changes to its proposed revised debt facilities. Whilst no final decision has been taken with regard to an equity issue at the current time, this proposal has received initial support from the Group's largest shareholder and also from its Chairman. The underlying financial performance of the Company for the year to 3rd April 2009 was at the lower end of expectations.
Brixton has announced that, following the receipt of preliminary approaches relating to possible offers for the Company, it has entered into discussions with a small number of parties. These discussions are at a very early stage and there can be no certainty that any offer will be made.
Thursday 21st May
Yesterday the FTSE 350 Index closed down 0.2% at 2332.8.
Investec recorded operating profits across all divisions and geographies for the year ended 31st March 2009. Overall operating profit before tax was down 22.0% to £396.8m. The Board has proposed a final dividend of 5.0p making a full year dividend of 13.0p compared to 25.0p the previous year.
Close Brothers Group said that trading performance in the third quarter ended 30th April 2009 has been satisfactory. Total funds under management were broadly stable at £6.8b as at 30th April 2009, although management fees as a percentage of FuM continued to reduce slightly reflecting the ongoing impact of product mix changes.
Scottish & Southern Energy announced an increase in adjusted profit before tax of 2.0% to £1,253.7m for the year ended 31st March 2009. The full year dividend is up 9.1% over the previous year at 66.0p. The Company remains committed to maintaining annual real dividend growth, with the next step being an increase of at least 4% more than inflation planned for 2009/10.
Cable & Wireless reported an increase in Group revenue of 16% to £3,646m for the year ended 31st March 2009. Group EBITDA was up around 36% to £822m. A final dividend of 5.67p has been recommended making a full year dividend of 8.5p, an increase of 13% over the previous year. Group EBITDA for 2009/10 is expected to be around £1,025m.
Shanks Group said that trading for the year ended 31st March 2009 was resilient with organic sales growth of 3% despite a challenging second quarter. Operating profit was up 16% to £63.9m. The Company has also announced a rights issue to raise approximately £71.4m with the proceeds being used to strengthen the balance sheet. No final dividend has been proposed following the announcement of the rights issue although the board expects to pay an interim and final dividend for the year to 31st March 2010, and then to implement a progressive dividend policy with a cover range of 2.0 to 2.5.
QinetiQ Group announced strong performance for the year ended 31st March 2009 with revenue up 18% to £1,617.3m. Underlying profit before tax was up 19% to £130.2m. The total dividend for the year is up 11.8% on the previous year to 4.75p.
British Land Company saw portfolio valuation reduced by 28.2% in the year ended 31st March 2009 with NAV per share down 64% to 398p as a result of the recent rights issue. IFRS pre-tax loss on ordinary activities for the year was £3,928m. The Board has increased the absolute amount paid to shareholders in the form of dividends with a last quarterly dividend for the year of 6.5p. Adjusting for the affects of the rights issue the full year dividend is 29.8p, slightly ahead of the previous year.
Mitchells & Butlers released interim results for the 28 weeks ended 11th April 2009 in which it reported an increase in revenue of 2.9% to £1,024m and a decrease in profit before tax of 47.6% to £44m. As previously announced no dividend has been recommended.
Wednesday 20th May
Yesterday the FTSE 350 Index closed up 0.9% at 2337.9.
Yell Group reported an increase in revenue of 8.1% to £2,397.9m, down 4.6% at constant exchange rates. Adjusted EBITDA was up 10.4% to £816.1m although the Company reported a loss after tax of £1,141.4m due to an impairment of goodwill of £1,272.3m. No final dividend has been declared.
Britvic saw revenue increase by 6.3% to £483.2m in the 28 weeks ended 12th April 2009. Group profit before tax was up 16.3% to £20.0m. The interim dividend has been increased by 7.9% to 4.1p.
De La Rue released interim results for the year ended 28th March 2009 in which it announced an increase in profit before tax of 18.5% to £105m. The final dividend has been increased to 27.4p making a total dividend for the year of 41.1p, up 92% over the previous year.
International Ferro Metals said that the inventory was reduced from 42,523 tonnes at 31st December 2008 to 33,207 tonnes at 31st March 2009. Ferrochrome sales were down over 50% compared to the previous quarter at 10,484 tonnes, down over 80% compared to the same period the previous year. Net cash balance was up marginally to ZAR510m.
London Stock Exchange Group announced an increase in revenue of 23% to £671.4m for the year ended 31st March 2009. In summary the Board has said that underlying performance for the year was good against the backdrop of difficult markets. The total dividend for the year is up 2% to 24.4p with an additional £51.5m being returned to shareholders in the first half of the year through share buy-backs.
Experian delivered what it described as strong performance in the face of extraordinary market conditions. Total Group organic revenue growth was 3% for the year ended 31st March 2009 with total Group revenue of $3.9b for the year. Profit before tax from continuing operations was up $57m to $578m. The full year dividend is up 8% compared to last year at 20.00 cents.
Shaftesbury reported a reduction in adjusted diluted net asset value per share of 18.5% to £3.93. Adjusted profit before tax was up 57% to £11.3m for the six months ended 31st March 2009. Overall the Company reported a loss before tax of £159.8m which included property revaluation deficits of £123.5m. The interim dividend is up to 7.5p from 5.0p the previous year. The Company also announced a fully underwritten rights issue to raise approximately £149.1m.
Tuesday 19th May
Yesterday the FTSE 350 Index closed up 2.1% at 2317.1.
Melrose Resources has revised its net entitlement production forecast 5% higher to 15.7 Mboepd to reflect the continued strong performance from existing Egyptian fields and the fact the South Zarqa and North East Abu Zahra developments were brought on earlier than planned. The capital expenditure forecast remains unchanged at $170m.
Victrex reported a decrease in Group revenue of 31% to £47.4m for the six months ended 31st March 2009. The interim dividend has been maintained at 5.2p.
Spectris saw organic sales for the four months ended 30th April 2009 fall 18% compare to the same period the previous year. On a reported basis, however, with the contribution from acquisitions and beneficial effects from currency, revenue increased by 9%. Taking this into account, together with the costs of accelerated acquisition integration, there will be a material impact on profitability in the first half. Pre-tax profits for the full year are expected to be around the low end of analysts’ current expectations.
Xchanging said that revenues in the year to date are slightly behind the Board’s expectations. Full year revenues are expected to be slightly below current expectations.
Dairy Crest Group released preliminary results for the year ended 31st March 2009 in which it reported a 5% increase in revenue to £1,648m. Profit before tax was up 56% to £103.2m. Following a review of the dividend policy the Board has concluded that it is sensible to conserve cash and ensure that the business is well funded. Therefore, it has decided to rebase this and future dividends by 25%. As a result the total dividend for the year is down 18% from the previous year to 20.1p.
Ferrexpo continues to produce at full capacity and is successfully selling its entire production. Pricing is expected to remain under pressure in the current quarter and therefore it is difficult to predict with certainty the outcome in the second half of the year.
ICAP announced record Group revenue, profit and earnings per share for the year ended 31st March 2009. Revenue increased 23% to £1,601m while profit before tax was 2% higher at £281m. The total dividend for the year has been raised by 9% to 17.05p.
Burberry Group saw total revenue exceed £1b for the first time with total revenue up 21% to £1,202m for the year ended 31st March 2009. Adjusted profit before tax was in line with guidance at £175m. The full year dividend has been maintained at 12.0p.
SSL International reported Group sales of £642.4m for the year ended 31st March 2009, up from £533.9m the previous year. Profit before tax was around £20m higher at £76.5m. A final dividend of 6.4p has been declared, up from 5.3p the previous year.
Marks & Spencer Group released final results for the 52 weeks ended 28th March 2009 in which it announced an increase in sales of 0.4% to £9.1b. UK like-for-like sales were down 5.9% while profit before tax was £421.9m lower than the previous year at £706.2m. The Board has taken the decision to rebase the Group’s dividend payment to 15p from the current level of 22.5p, a reduction of 33.3%. This will be achieved through a 33.1% reduction in the 2008/09 final dividend to 9.5p per share, followed by a reduction in the 2009/10 interim dividend to 5.5p per share. Having re-based the dividend to 15p per share, the Board's policy regarding future dividends is to re-build cover towards two times and, thereafter, to grow dividends in line with adjusted earnings per share.
Regus has said that the Company has made progress and the Board is satisfied with financial performance, given the difficult trading environment. Revenues for the four months to 30th April 2009 were up 16% to £387.0m.
Vodafone Group released final results for the year ended 31st March 2009 in which it reported an increase in Group revenue of 15.6% to £41.0b. Group adjusted operating profit was up 16.7% to £11.8b while impairment charges increased to £5.9b, primarily in respect of Spain. A final dividend of 5.2p has been declared making a total dividend for the year of 7.77p, an increase of 3.5% over the previous year.
TUI Travel reported an underlying operating loss of £289m in the first half of 2009. The Board has proposed an interim dividend of 3.0p, an increase of 7% over the previous year.
Homeserve saw revenue decrease 7% to £517.4m for the year ended 31st March 2009. Profit before tax was 13% higher at £96.1m. The total dividend for the year is 14% higher than the previous year at 35.5p.
Great Portland Estates saw adjusted net assets per shares fall by 43.5% to 329p in the year ended 31st March 2009. Adjusted profit before tax was down 8.0% to £21.9m. The total dividend for the year is up 0.8% to 12.0p. The Company also announced a rights issue to raise £166m net of expenses to take advantage of compelling investment opportunities.
Dana Petroleum said that the Group’s average production for 2009 is still expected to be in the range 43,000 to 47,000 boepd, within the guidance previously provided but towards the lower end of the range.
Monday 18th May
On Friday the FTSE 350 Index closed down 0.2% at 2268.1, a fall of 2.8% over the week.
Aegis Group said that following the first quarter the Group expects to produce a resilient performance in more difficult markets in 2009. Group revenue in the first quarter was 6.5% ahead of the comparative quarter the previous year.
Mitie Group released preliminary results for the year ended 31st March 2009 in which it reported an increase in revenue of 8.2% to £1.521.9m. Profit before tax and other items was up 11.0% to £78.4m. The dividend has been increased by 15.0% to 6.9p.
Big Yellow Group announced a loss before tax of £71.5m for the year ended 31st March 2009, down from a profit of £102.6m in the prior year principally due to the reversal of some of the revaluation gains booked in the prior year and the cost of derivative positions that were closed out for the year. Following the decision not to pay an interim dividend the Board has decided not to propose a final dividend to allow the Group to retain operating cash surpluses.
ITE Group saw revenue increase by 33% to £42.3m in the six months ended 31st March 2009. Profit before tax was up £5.5m to £12.1m. The interim dividend has been maintained at 1.6p.
Lloyds Banking Group has announced an agreement to launch the previous announced placing and an open offer on 20th May 2009.
Friday 15th May
Yesterday the FTSE 350 Index closed up 0.7% at 2273.2.
Renishaw said that trading conditions remain weak. The Group expects to record an operating loss in the second half of the year, although it is now expected to be somewhat lower than the £10m previously indicated. The Board remains confident in the Group’s long-term prospects.
Intertek Group has made a good start to the financial year with trading in line with management’s expectations.
Derwent London said that since the year end, there has been a further sector wide fall in rental levels and increased tenant incentives. During the quarter the Group’s portfolio made solid letting progress and maintained a low vacancy rate. With the challenging operating conditions, the focus continues to be on minimising voids and careful capital management.
Morgan Crucible released an interim management statement in which it reported Group revenues for the first four months broadly in line with the equivalent period the previous year with positive currency translation offsetting reduced end-market demand caused by the global economic downturn. Group revenues for the first half are expected to be close to £500m.
Petrofac made a good start to the year and is confident that 2009 will be another year of strong growth.
Ladbrokes reported Group results in line with expectations at the end of February. Since then Group gross win has increased 5%, including the benefit of the Grand National result. For the 4 months ended 30th April 2009 Group profit for the period declined 34%. At 14th May 2009 net debt was £900m, down £87m since December.
The Unite Group expects the demand for purpose built student accommodation to remain strong due to the increase in the number of student applying to Universities. Asset values have fallen at a rate of approximately one third of the level shown by broader market indices over the past two quarters.
Shanks Group announced that it has reached agreement for the sale of its 50% interest in Avondale Environmental Limited to Landmedia Limited, its joint venture partner. Shanks Group will receive a cash consideration of approximately £27.5m which values the whole of Avondale at around £61.8m.
Thursday 14th May
Yesterday the FTSE 350 Index closed down 2.3% at 2256.8.
Kier Group said that the Group’s financial performance is in line with expectations, cash is strong and order books are healthy. The Company also said that it is on track to deliver underlying results in line with expectations.
Hikma Pharmaceutical has maintained its guidance on delivering revenue growth for the full year of 10-15% and gross margin improvement of 1-2%.
Balfour Beatty said that trading performance in 2009 has been in line with expectations.
Melrose released an interim management statement for the period 1st January 2009 to 13th May 2009 in which it said that trading remains in line with expectations.
Invensys released preliminary results for the year ended 31st March 2009 in which it reported an increase in revenue of 8% to £2,284m. Operating profit was down 4% to £244m with an excellent performance from Invensys Rail, robust results from Process Systems offsetting a sharp second half decline in Invensys Controls. The Board is recommending the resumption of dividend payments with a final dividend of 1.5p.
ITV reported a reduction in revenue of 14% to £425m in the first quarter of the year. Net advertising revenue was down 15% with audience share maintained at around 23.4%.
Kesa Electricals saw total Group revenue of 8.3% in the 12 months to 30th April 2009, although like-for-like revenue was down 6.1%. Overall, trading was said to be in line with expectations.
Cookson Group released an interim management statement in which it said that for the first four months of the year the Group’s underlying revenue was down around one-third compared with the prior year. Trading in January and February was at break-even with a modest profit in each of March and April.
Inchcape said that trading in the first quarter was ahead of internal expectations and the Company continued to benefit for the weakness in Sterling in the translation of overseas profits. Total sales were down 13% compared to the same period last year, with like-for-like sales 22% lower.
Thomas Cook Group reported strong financial performance for the six months ended 31st March 2009 with revenue was up 12.6% to £3,484.3m. The interim dividend has been increased 15.4% to 3.75p. The Board said it is confident of meeting full year expectations.
National Grid reported an increase in operating profit of 12% to £2,915m for the year ended 31st March 2009. The full year dividend has been increased by 8% to 35.64p. The outlook for 2009/10 is positive with current trading in line with expectations.
BT Group reported a loss before tax of £1,279m in the fourth quarter due to “unacceptable” performance in BT Global Services which incurred total charges of £1.3b. Overall revenue growth in the quarter was 1%. A final dividend of 1.1p has been proposed giving a total dividend for the year of 6.5p, down from 15.8p the previous year.
SABMiller said that lager volumes were up 2% to 210 million hectolitres for the year ended 31st March 2009, with organic lager volumes level with the prior year despite weakened consumer demand. Overall Group revenue was up 6% to $25,302m while profit before tax was down 9% to $2,958m. The total dividend for the year has been maintained at 58.0 cents.
Prudential reported resilient insurance sales in the first quarter, down 5% to £697m. The asset management division saw net inflows of £2.7b. IGD surplus was estimated at £2.0b which will increase to £2.8b on the completion of the transfer of the legacy book in Taiwan.
Wednesday 13th May
Yesterday the FTSE 350 Index closed down 0.2% at 2309.2.
Johnston Press reported that over the 19 weeks to 9 May 2009, total advertising revenues were down 34.4% compared to the same period last year. Operating profit for 2009 is likely to be towards the lower end of current market expectations.
Greggs said that total Group sales in the 19 weeks to 9th May 2009 increased by 5.2%, including like-for-like sales growth of 2.0%. Performance in the year to date remains in line with expectations.
Hammerson has exchanged contracts for the sales of its remaining property in Germany, Forum Steglitz, to Europa Fund III and will receive gross proceeds of e70m.
Legal & General Group saw worldwide new business growth of 3% to £382m in the first quarter of the year. The IGD surplus at 31st March 2009 is estimated at £1.6b.
Weir Group today advised shareholders that given its good performance in the first quarter, it remains confident in achieving expectations for the full year.
Amlin said that given the continued upward trend in insurance and reinsurance pricing and some signs of an easing of the world economic crisis of the past year, the outlook for the Group is becoming increasingly positive.
Trinity Mirror saw Group revenues fall by 18% in the first 17 weeks of the year. The Group is still expecting to deliver positive cash flow from operations for the year.
SIG reported a reduction in like-for-like sales of 11.9% in Sterling terms for the first quarter of the year. Trading conditions are expected to remain challenging for the foreseeable future and the focus of the business will remain on maximising revenues and cash generation.
Eurasian Natural Resources Corporation reported better than expected sales and production volumes in the first quarter of 2009. The outlook for the full year remains unclear although demand in the second quarter has been ahead of original expectations.
AMEC said that year-to-date trading has been in line with expectations.
Compass Group announced revenue of £6.9b for the six months ended 31st March 2009, an increase of 24% over the same period the previous year. Underlying operating profit was up 41% to £455. The interim dividend has been raised by 10% to 4.4p.
VT Group saw an increase in turnover of 30% to £1,095.7m for the year ended 31st March 2009. Profit before tax and exceptional items was up 33% to £60.5m. The full year dividend is 10% higher at 14.4p.
J Sainsbury released preliminary results for the year ended 21st March 2009 in which it reported an increase in total sales of 5.7% to £20,383m. Like-for-like sales were up 4.5% excluding fuel. Profit before tax was £13m lower than the previous year at £466m. A final dividend of 9.6p has been proposed, making a total dividend for the year of 13.2p, an increase of 10% over the previous year.
Land Securities Group announced a pre-tax loss of £4,773.2m for the year ended 31st March 2009 due to falls in property values. The total dividend of for the year of 56.5p is 11.7% lower than the previous year.
Barratt Developments said that it is on track to deliver margins and volumes in line with expectations.
Tuesday 12th May
Yesterday the FTSE 350 Index closed down 0.8% at 2313.2.
Redrow saw the encouraging start to the year continue with sales rates per outlet ahead of the same period the previous year. Pricing remains fragile though the pace of house price falls has abated in recent months.
Tullow Oil said that performance in the year to date has been strong. Overall, the Group’s performance is in line with expectations.
Enterprise Inns reported a decrease in profit before tax and exceptional items of £29m to £103m for the six months ended 31st March 2009. After exceptional items the Company reported a profit before tax of £9m compared to £122m the previous year. As part of the plan to focus debt reduction, the Board has decided not to pay an interim dividend.
Tomkins said that performance continues to be adversely affected by the global economic slowdown. Performance in the first half is expected to remain weak, especially compared to the first half of 2008.
Intercontinental Hotels Group announced first quarter results with revenue down 24% to $342m. Total operating profit in the period was down 43% to $72m.
Premier Foods saw total Group sales increase 3% in the 16 weeks ended 25th April 2009. Expectations for the full year remain unchanged.
International Power said that the Group’s financial performance for the period 1st January 2009 to 11th May 2009 is consistent with expectations for the full year.
Babcock International Group reported an increase in revenue of 22% to £1,901.9m for the year ended 31st March 2009. Profit before tax was 26% higher at £106.7m while the order book stands at a record £5.7b. The full year dividend has been increased by 25% to 14.40p.
Imperial Tobacco said that revenue for the half year ended 31st March 2009 was up 54% to £12,420m. The Group reported profit from operations of £1,139m, an increase of 62% over the same period the previous year. The interim dividend has been increased by 0.1p to 21.0p.
Monday 11th May
On Friday the FTSE 350 Index closed up 1.3% at 2332.5, a rise of 2.5% over the week.
Travis Perkins said that in the period since 31st December 2008 the Group has performed ahead of the Board’s expectations. Group revenue for the four months ended 30th April 2009 was down by 13.6%, with like-for-like sales down 14.4%. As expected the Group’s profit before tax was down compared to the same period the previous year. The Board also announced a fully underwritten rights issue to raise net proceeds of approximately £300m. The terms of the issue are 7 new shares for 10 shares held at a price of 365p per share. The proceeds of the issue will be used to reduce the Group’s net debt.
Dignity saw revenue increase by 12.8% to £52.9m in the 13 weeks ended 27th March 2009. Trading since 27th March 2009 continues to be line with management’s expectations.
Hiscox reported a strong start to the year with overall premium income up 51% to £486.5m for the three months ended 31st March 2009. At constant exchange rates year-on-year growth was 25%.
TUI Travel said the Company remains well placed to meet the Board’s expectations for the year ended 30th September 2009.
Lonmin announced solid operations performance in the half year ended 31st March 2009 with sales of 311,853 ounces of Platinum which was ahead of expectations. The Company has maintained its 2009 full year sales guidance of around 700,000 of Platinum ounces. The interim dividend has been passed due to a lack of profitability and continuing market uncertainty. The Company has also announced an underwritten 2 for 9 rights issue to raise approximately $457m, at a price of 900p per new share. The proceeds of the issue will be used to reduce debt.
Southern Cross Healthcare Group released interim results for the 26 weeks ended 29th March 2009 in which it reported an increase in revenue of 6.9% to £460.8m. As previously announced, the Directors have decided not to declare an interim dividend for the current financial year. The Directors will consider the recommendation of a final dividend at the appropriate time.
Friday 8th May
Yesterday the FTSE 350 Index closed down 0.1% at 2302.6.
Catlin Group reported an 8% increase in gross premiums written on a constant currency basis at 31st March 2009. Cash and investments increased by 9% to $6.74b. The Rights Issue was successfully completed and the Board believes the Company is strongly positioned for profitable growth.
IMI said that overall trading remains broadly in line with indications given in the preliminary results announcement on 4th March 2009, with a stronger performance in Severe Service and Indoor Climate, offset by weaker shipments in the Fluid Power and the Retail Dispense businesses. Group revenues for the four month period to the end of April are around 16% lower than the prior year, on a constant currency basis.
Royal Bank of Scotland reported strong income growth for the first quarter of 2009, up 26% to £9,702m. Profit before impairment losses was up 42% to £4,079, although total impairment losses and credit market write-downs were £4,927m. Therefore, a pre-tax loss of £44m was reported.
Taylor Wimpey has announced a placing and an open offer of 2,131,132,548 new ordinary shares at 25p each to raise net proceeds of approximately £510m.
3i Group announced a proposed underwritten rights issue to raise approximately £700m. The terms of the issue is 9 new shares for every 7 shares held at the price of 135p per new share.
International Personal Finance said that all markets, with the exception of Hungary, are performing in line with expectations. The Board believes that whilst the Company will deliver good results for the full year given the current difficult economic environment it is likely, as a result of the underperformance in Hungary, that the outcome for 2009 will be substantially less than expectations.
Thursday 7th May
Yesterday the FTSE 350 Index closed up 1.2% at 2304.7.
Spirent Communications said that trading for the period since 31st December 2008 is slightly ahead of the Board’s expectations.
Rathbone Brothers continues to perform well with organic growth remaining strong at 5.8%. Total funds under management were £9.87b at 5th April 2009, down 5.6% from £10.46b as at 31st December 2008.
Premier Oil received valid acceptances in respect of approximately 94.9% of the total number of new shares offered pursuant to the 4 for 9 rights issue announced on 25th March 2009.
Diageo reported that in the 9 months ended 31st March 2009 net sales were flat against the comparable period on an organic basis. In the quarter ended 31st March 2009 net sales declined by 7% on the same basis. The Board continues to forecast organic operating profit growth for the year in the range of 4% to 6%.
Rexam said that Group results for the first quarter benefited from foreign exchange translation gains which offset weaker organic performance and as a result, underlying operating profit was broadly in line with last year. At the end of the quarter net debt was better than planned at £2.7b.
Unilever made a solid start to 2009 with 4.8% organic growth in the first quarter. Turnover was down 1% to e9,505m while operating profit was down 43% to e803m.
Old Mutual said that sales in the first quarter of the year were affected by a shift in consumer sentiment, the closure of Bermuda to new business and the deliberate downsizing of the US Life business. Funds under management were down 6% to £245b from 31st March 2008, significantly less than the reduction in market levels. The pro-forma FGD surplus was £0.2b higher at £0.9b as at 31st March 2009 than at 31st December 2008.
Barclays saw group profit before tax for the three months ended 31st March 2009 grow by 15% to £1,372m. Income increased by 42% to a record £8.150m driven by strong performance in Barclays Capital and by most of the international businesses within Global Retail and Commercial Banking. Income growth was partially offset by significantly increased impairment charges which were 79% higher at £2,309m. Including the sale of iShares, Barclays would have reported an estimated Tier 1 ratio of 7.2% and an estimated Tier 1 ratio of 10.3% as at 31st December. The Board intends to pay a cash dividend in the fourth quarter with a final cash dividend for the year being declared and paid in the first quarter of 2010. In light of the current economic and financial environment it is expected that the proportion of profits after tax distributed through dividends will be significantly lower than the 50% level which was maintained in recent years.
Vedanta Resources released final results for the year ended 31st March 2009 in which it reported a reduction in revenue of 19.8% to $6,578.9m. Operating profit was 57.3% lower at $1,107m. A final dividend of 25 cents has been declared making a maintained total dividend for the year of 41.5 cents.
Lloyds Banking Group said that the Group has delivered good revenue performance in the first quarter of 2009 in what remains a difficult period for financial services. The Group’s net interest margin reduced as a result of lower deposit margins and higher funding costs offsetting higher asset pricing. The Group experienced a significant rise in impairment levels, the vast majority of which relate to assets designated for inclusion in the Government Asset Protection Scheme. As previously announced, the Group continues to expect to report a loss before tax for 2009, excluding the impact of a credit relating to negative goodwill.
Wednesday 6th May
Yesterday the FTSE 350 Index closed up 2.3% at 2276.1.
JD Wetherspoon saw an increase in like-for-like sales of 0.5% for the 13 weeks to 26th April 2009. For the year-to-date, like-for-like sales increased by 1.4%. Borrowings at 26th April 2009 were approximately £30m lower than at the same point the previous year. The Board is currently slightly more positive regarding the Company’s prospects for the current financial year.
National Express said total reported Group revenue for the first three months of the year increased by 7.9%, benefiting from currency movements impacting the revenues of overseas operations.
easyJet reported good 1st half performance for the six months ended 31st March 2009, with the full year guidance maintained. No dividends have been paid or proposed during the period or comparative period.
WSP Group said that trading was in line with expectations although markets remain uncertain.
BAE Systems released an interim management statement in which it said trading for the period from 1st January 2009 to 5th May 2009 has been consistent with management expectations. The Group continues to anticipate a year of good growth despite a lower volume of land vehicle sales than in 2008.
Next announced better than anticipated results for the first quarter with an increase in total sales of 1.1% for the 14 weeks ended 2nd May 2009 although like-for-like sales were 2.3% lower. The second quarter is expected to be weaker than the first with like-or-like sales in the first half expected to be in the range of -4% to -7%.
Millennium & Copthorne Hotels reported a decrease in revenue of £34.4m for the first quarter ended 31st March 2009. Headline profit before tax was down 50.0% to £11.0m.
British American Tobacco said that revenue growth was strong in the first three months of the year, driven by the continued good pricing momentum and volume growth from the acquisitions made in the middle of last year.
Sage Group said the business had delivered resilient performance in the first half of the year with revenue increased by 17% enhanced by favourable currency movements. On a currency neutral basis, revenues contracted by 3%. The interim dividend has been raised by 3% to 2.5p.
Tuesday 5th May
On Friday the FTSE 350 Index closed up 0.1% at 2223.4.
Kier Group has been selected as one of three contractors to form the East Midland Property Alliance Intermediate Project Partnering Framework which has been awarded a £275m four-year contract for the procurement of new-build and refurbishment projects in the region.
Xstrata released an interim management statement in which it said that thermal and coking coal, nickel, platinum, zinc in concentrate and lead metal production volumes were all increased in the first quarter compared to the same period in 2008. The Group’s financial position has been strengthened through the successful rights issue, the net proceeds of which were used to repay existing debt. Consequently gearing has fallen to 30%.
Aberdeen Asset Management saw revenue decreased by around £9m to £192.2m in the six months to 31st March 2009. Pre-tax profit was down £14.3m to £17.9m whilst assets under management at the period end were £96.3b compared to £107.3b at the end of the previous quarter. The interim dividend has been maintained at 2.8p.
888 Holdings said that trading in the second quarter to date has improved compared to the first quarter of the year. The Group’s financial position is strong with approximately $110m in cash equivalents and no debt leaving the group in a sound position to exploit M&A opportunities when they become available.
Friday 1st May
Yesterday the FTSE 350 Index closed up 1.4% at 2222.1.
COLT Telecom Group reported an increase in revenue of 1.3% to e416.2m in the first quarter of the year. Profit before tax and exceptional items increased by e8.5m to e17.1m.
JKX Oil & Gas released an interim management statement which showed that total production was 14% lower than the same quarter a year ago. Gas production was flat but oil production was down 34% at 3,083 boepd. Realised gas prices were up 36% in the first quarter while realised oil prices were down 56%.
Genus said that it continues to trade in line with expectations.
Rentokil Initial said that the first quarter has seen further progress against the turnaround programme which enabled the Company to deliver profit slightly ahead of expectations despite tough trading conditions. The Company continues to expect profit growth in the third and fourth quarters compared to the prior year, although warned that the turnaround is still at an early stage.
Pearson reported an increase in revenues of 6% to £1b in the first quarter of the year, an increase of 1% in constant currency terms. Trading has been in line with expectations with full year EPS expected to be at or above the 2008 level of 57.7p per share. The Board is proposing a final dividend of 22p giving a total dividend for the year of 33.8p, up 7% from the previous year.
Informa has announced a 2 for 5 rights issue to raise net proceeds of £242m. The Company also announced proposals to change the corporate structure by putting in place a new parent Company for the Group incorporated in Jersey with its tax residence in Switzerland, by way of a scheme of arrangement. The Group business continues to demonstrate resilience with trading in line with management expectations for the 3 months to 31st March 2009.