Inmarsat set for FTSE demotion in quarterly review

Satellite communications company Inmarsat could be pushed out of the FTSE 100 by Hikma Pharmaceuticals in June, according to the FTSE Russell.

Changes from the latest quarterly review of the FTSE 100, to be announced on Wednesday, will take place on Friday 17 June.

Earlier this month, Inmarsat shares tanked after it cut its full-year revenue guidance by $50m to a range of $1.175bn - $1.250bn amid an ongoing recession in global maritime and energy markets.

The company said first-quarter earnings before interest, tax, depreciation and amortisation fell 6% to $166.2m, while revenue for the quarter fell 2% from the previous year to $298.6m.

Hikma was knocked out of the FTSE 100 back in March and replaced by Mediclinic International, the private healthcare group known as Al Noor before it merged with Mediclinic in February.

Interserve, Jimmy Choo, Northgate and Melrose Industries were among the FTSE 250 companies at risk of being demoted to the FTSE Small Cap Index.

Countryside Properties, Metro Bank and CMC Markets, meanwhile, were among those that could be added to the FTSE 250.