Spirax-Sarco buys Cotopaxi, Computacenter sees FY profits above £250m

London open

The FTSE 100 was called to open 24 points lower at 7,470.

Stocks to watch

Computacenter forecast annual profits to be slightly in excess of £250m after a better-than-expected fourth quarter despite a higher pound and supply shortages.

Total revenue for the group grew by 23% including the effects of acquisitions made since the beginning of 2020, and by 27% in constant currency. Sales at its services unit posted their largest rise in two decades, while there was also strength from technology sourcing product sales which was more broadly based in 2021 than the previous year.

Thermal energy and pumping specialist Spirax-Sarco Engineering said it has bought Cotopaxi, a consulting and optimisation specialist, for £13.3m.

UK-based Cotopaxi, which comprises a team of 38 energy engineers and software specialists, was established in 2009 by its current managing director and provides its global customer base with consulting, digital connectivity and monitoring of energy intensive processes, including steam.

Newspaper round-up

Britain’s biggest cities have lost almost a year’s worth of sales during the coronavirus pandemic as lockdowns and a lack of office workers and tourists caused a collapse in consumer spending. As offices have started to reopen following the relaxation of plan B restrictions, the Centre for Cities said Covid-19 had “levelled down” historically more prosperous high street destinations. – Guardian

A committee of MPs has produced a report criticising the gambling industry regulator for trying to reduce addiction and urging ministers to take it into special measures. The findings by the all-party parliamentary group (APPG) on betting and gaming have been described as “ludicrous” by a campaigner for regulatory reform and met with a frosty reception from the regulator. - Guardian

Office workers returning to their desks this week will no doubt mark their comeback with a lengthy analysis of the morning commute. Miserable and footsore, they will reunite with colleagues by regaling their tales of nightmare train delays and packed carriages. As the trains fill up over the coming weeks, so too will the everyday grumbles of the commuter as pre-pandemic frustrations resurface. - Telegraph

US Close

Wall Street stocks closed lower again on Friday as Netflix weighed on the tech-heavy Nasdaq and bond yields eased off somewhat but remained elevated.

At the close, the Dow Jones Industrial Average was down 1.30% at 34,265.37, while the S&P 500 was 1.89% softer at 4,397.94 and the Nasdaq Composite saw out the session 2.72% weaker at 13,768.92.