Ifa News Round-Up
B&M Value Retail shares surge on 2024 outlook
Shares in B&M surged on Wednesday after the discount retailer said it expected current adjusted core earnings to be higher as it posted a fall in annual profits, but reported almost £5bn in sales as customers sought food and goods bargains amid the cost-of-living crisis.
Hunting shares soar as FY guidance lifted on new £91m order
Shares in Hunting surged on Tuesday as the international energy services group lifted guidance for 2023 after winning a new contract worth up to £91m with Cairn Oil and Gas, Vedanta.
Barratt asks John Allan to step down early as chair
House builder Barratt Developments said it had asked chairman John Allan to step down from his role as chairman earlier than planned, to stop allegations of impropriety towards women becoming a distraction to the company.
Polymetal shares tank after Russia operations hit by US sanctions
Shares in gold producer Polymetal tanked on Monday after the US placed its Russian operations on a sanctions list in retaliation for Moscow's invasion of Ukraine, although the company stressed the measures did not impact assets outside Russia.
UK govt cuts stake in NatWest via £1.26bn buyback
The UK government has cut its stake in NatWest Group to 38. 6% via £1. 26bn off-market buyback deal.
ShoreCap puts C&C Group under review after CEO departs, €25m hit
Analysts at Shore Capital have put their 'buy' recommendation on Magners cider maker C&C Group under review after the company announced the departure of its CEO and a €25m hit from problems implementing a software upgrade at its Matthew Clark and Bibendum (MCB) unit.
Aston Martin shares motor as China's Geely invests £234m
Chinese auto group Geely has committed to invest £234m Aston Martin Lagonda to become its third-largest shareholder, sending shares in the UK in luxury car maker racing ahead on Thursday.
IDS pushed into the red after Royal Mail loses £1bn
UK postal carrier Royal Mail swung to a massive £1bn annual loss, pushing parent company International Distributions Services into the red after a bruising year-long battle with unions over pay and conditions and a failure to deliver productivity improvements.
Vistry sees FY profits of more than £450m as market improves
UK housebuilder Vistry said it expected to report adjust annual earnings of more than £450m as the market continued to improve in the wake of the disastrous ‘mini budget’ of former prime minister Liz Truss.
JD Sports says profits to pass £1bn this year; Shares fall
JD Sports Fashion said it expected annual profit to pass £1bn after a record result in the year to January 28 as buyers snapped up trainers in the shift towards leisurewear.
Vodafone to axe 11,000 jobs, sees flat FY as new CEO slams firm
Telecoms giant Vodafone said it was cutting 11,000 jobs and expected to post flat earnings next year after reporting a decline in annual profits in a performance described as “not good enough” by its chief executive.
Wood Group shares plunge as Apollo pulls plans for bid
Shares in Wood Group plunged by more than a third on Monday as US private equity firm Apollo Global pulled plans to make a takeover offer for the UK oil industry engineer.
Royal Mail chief steps down after bruising battle with unions
Royal Mail chief executive Simon Thompson has quit after a bitter year-long dispute with the postal workers' union, the company said on Friday.
Balfour Beatty sees flat FY profit; Current trading in line
Infrastructure group Balfour Beatty said it expected annual profits to be flat, with current trading in line with expectations.
FirstGroup shares slump as TransPennine service nationalised
Shares in FirstGroup slumped on Thursday after the UK government nationalised its TransPennine Express (TPE) service in response to months of cancellations and woeful service.
Rolls-Royce says engine flying hours increase; Holds guidance
UK aerospace engineer Rolls-Royce held annual guidance and said large engine flying hours had hit 83% of 2019 levels in the four months to April 30.
Wood Group holds guidance as Q1 revenues grow
Oil and gas engineer Wood Group, currently in talks on a potential $1. 6bn takeover by private equity group Apollo, held annual guidance as first quarter revenues increased.
Tui narrows losses as travel recovery continues
Holiday giant Tui on Wednesday reported narrower losses and an increase in revenue as travel rebounded from the Covid pandemic.
ASOS shares slump on wider losses as shoppers retrench spending
ASOS shares slumped after the fast fashion retailer reported wider interim losses as shoppers continued to tighten their belts amid the cost of living crisis, even though the company said it was confident of a return to profit in the second half.
Ryanair agrees $40bn deal with Boeing on 300 new planes
Ryanair has agreed a huge $40bn deal with Boeing on 300 new aircraft purchases over the next decade, the two companies said on Tuesday.