LONDON (Alliance News) - The following stocks are the leading risers and fallers within the main London indices on Tuesday.----------
FTSE 100 - WINNERS----------
Smurfit Kappa, up 18%. The Irish corrugated packaging company said it rejected an "unsolicited and highly opportunistic" takeover offer from International Paper Company. International Paper, based in Memphis, Tennessee in the US, made an offer comprised of cash and a minority holding in an enlarged business. Smurfit Kappa believes the offer does not reflect its worth nor its prospects going forward, and would involve its shareholders receive "a high proportion" of their consideration in International Paper shares. The company did not provide any details surrounding the value of the takeover offer. "The move has driven up the share price of other companies in the paper and packaging industry, such as DS Smith and Mondi," said David Madden, market analyst at CMC Markets.
DS Smith was up 4.5%.
Mondi, up 5.1%. The Anglo-South African paper and packaging company was raised to Outperform from Neutral by Credit Suisse.
Intertek, up 4.0%. The testing and inspection specialist hiked its full-year dividend after 2017 profit and revenue both grew strongly despite its resources unit experiencing declines as it continues to target faster growth in 2018 and beyond. In 2017, pretax profit rose 15% to
GBP331.3 million from
GBP289.3 million the year prior. This was after revenue rose 14% to
GBP467.7 million from
GBP409.7 million the year before. Intertek proposed a
47.8 pence final dividend per share, up 11% from
43.0 pence the year before. That means that for the full year, the dividend rose 14% to
71.3 pence from
62.4 pence the year prior.----------
FTSE 100 - LOSERS----------
Just Eat, down 10%. The online takeaway platform said it swung to a loss due to the impact of higher exceptional costs, despite posting a substantial rise in revenue. Just Eat reported a loss of
GBP76.0 million for 2017, swinging from a profit of
GBP91.3 million the year before, due to a significant rise in exceptional costs from
GBP191.1 million from
GBP14.6 million. The exceptional costs were mostly composed of a
GBP180.4 million non-cash, IFRS-based impairment of goodwill related to Just Eat's acquisition of its Australia and New Zealand businesses, particularly the acquisition of New Zealand food-ordering company Menulog in 2015. Excluding exceptional costs, Just Eat would have reported a pretax profit of
GBP104.4 million. The company, however, reported revenue of
GBP546.0 million, up 45% from
GBP375.7 million the prior year, boosted by a 26% rise in orders to 172.0 million, as well as strong performances from both the UK and International businesses. The results included Just East's acquisition of HungryHouse, though on an organic basis, revenue still rose by 30%.
Ashtead Group, down 4.5%. The equipment rental company recorded strong profit and revenue growth in the third quarter of its financial year, while it also announced the departure of Finance Director Suzanne Wood. On a statutory basis, pretax profit for the three months to January 31 was up 24% year-on-year to
GBP194.3 million from
GBP171.2 million. Underlying pretax profit for the quarter increased by 26% to
GBP205.1 million from
GBP178.7 million. Revenue for the quarter rose 22% to
GBP916.1 million from
GBP804.5 million, with rental revenue climbing by 24% to
GBP845.5 million from
GBP729.2 million. The company said it expects its full year results to be line with prior expectations. "Despite an exceptionally strong performance so far this year, guidance for the full year remains unchanged and that's a bit disappointing. Management caution seems to be driven by conditions in the foreign exchange markets," said Hargreaves Lansdown analyst Nick Hyett. ----------
FTSE 250 - WINNERS----------
Ibstock, up 4.2%. The clay brick maker announced future supplementary dividend payments alongside ordinary payouts, as it posted profit and revenue growth for 2017. Ibstock is paying a final dividend for 2017 of 6.5p per share, up 23% year-on-year. This takes its total shareholder payout to 9.1p, compared to 7.7p in 2016. The company said, due to stronger cash flow and reduced debt, it plans to pay a "supplementary" dividend going into 2018. For 2018, it will be of a similar amount to 2017's final amount and would be paid alongside Ibstock's interim dividend. It said it expects to announce its first supplementary dividend in August this year. On a statutory basis, Ibstock's pretax profit fell to
GBP83.4 million from
GBP110.9 million in 2016. However, this year the company booked negative exceptional items of
GBP4.9 million, compared to a positive
GBP32.0 million in 2016. Adjusted pretax profit for 2017 increased 12% to
GBP88.3 million from
GBP78.8 million, with revenue for 2017 rising 3.9% to
GBP451.6 million from
GBP434.7 million.
Syncona, up 3.5%. The healthcare investment company said its portfolio company Autolus, has filed a confidential submission of a registration statement to the US Securities & Exchange Commission for an initial public offering in the US. Autolus is a UK-based biopharmaceutical company which develops T cell therapies for the treatment of cancer. The process is currently at a preliminary stage and the timing and terms of the IPO are subject to market conditions and other factors. "Syncona is the largest shareholder in Autolus and is highly supportive of the company over the long-term in line with Syncona's strategy to build global leaders in life science and deliver transformational treatments to patients," Syncona said in a statement. Life sciences company Arix Bioscience also notes the announcement by Autolus for its potential initial public offering. Arix shares were up 0.7%.
Bodycote, up 2.2%. The heat treatment and coating services firm declared a special dividend after 2017 profit and revenue grew strongly and ahead of its market, while trading has begun 2018 in line with expectations. The group proposed a
25.0 pence special dividend for 2017. This was in addition to hiking its full-year ordinary dividend 10% to 17.4p from 15.8p the year before. The final dividend was increased to 12.1p from 10.8p the year before, up 12%. In 2017, pretax profit expanded 27% to
GBP117.0 million from
GBP91.9 million the year prior. This was after revenue rose 15% to
GBP690.2 million from
GBP600.6 million the year before. In constant currency, revenue grew 9.6% which Bodycote described as "well above the background market growth rates".----------
FTSE 250 - LOSERS----------
Aggreko, down 11%. The temporary power provider said the repricing and off-hire of its utility contracts in Argentina "masks" the underlying improvement in performance across the rest of the business in 2017. Aggreko said its revenue, excluding the impact of currency and pass-through fuel, rose 4.0% to
GBP1.7 billion in 2017 from
GBP1.5 billion in 2016. Power Solutions Utility revenue was down 9% due to repricing and off-hires in Argentina. Excluding the impact of Argentina, underlying Power Solutions Utility revenue was in line with the prior year, Aggreko said. Cost of sales for the group, as a result, increased to
GBP810.0 million from
GBP694.0 million. Aggreko said group pretax profit fell to
GBP154.0 million from
GBP172.0 million in 2016. The company proposed a final dividend of
17.74 pence per share resulting in a full year dividend of 27.12p, in line with 2016.
Purecircle, down 4.5%. The stevia sugar substitute maker said reported a narrowed loss in the first half of its financial year as the company gets back on track following a "difficult" previous financial year. PureCircle's pretax loss for the six months to December narrowed to
USD1.8 million from the
USD2.2 million it booked in the same period a year prior, while revenue increased to
USD53.5 million from
USD47.2 million. Adjusted earnings before interest, tax, depreciation, and amortisation for its first half increased 22% to
USD7.8 million, while gross profit rose by
USD600,000 to
USD19.7 million. However, the gross margin narrowed to 36.8% from 40.4% due to currency movements, sales mix, and a transition to a more expensive stevia leaf variety. Operating profit decreased 44% to
USD3.1 million.
Rotork, down 4.4%. The valve actuators maker boosted its dividend despite profit narrowing on exceptional costs associated with acquisitions and restructuring, as the FTSE 250-listed firm reported steadily improving markets. In 2017, pretax profit narrowed 12% to
GBP80.6 million and
GBP91.1 million the year prior. Revenue advanced 8.8% to
GBP642.2 million from
GBP590.1 million the year before. On an organic constant currency basis, pretax profit fell 17% and revenue grew 2.3%. Profit performance was particularly hurt by
GBP17.0 million in exceptional costs. These included
GBP11.6 million in acquisition related costs and a further
GBP5.4 million of restructuring costs. The prior year Rotork had no such costs.
IWG, down 3.0%. The serviced office group, formerly known as Regus, reported a 14% drop in pretax profit to
GBP149.4 million in 2017 from
GBP173.7 million the year before, due to a substantial narrowing in the group's gross margin to 17.1% from 20.1%, lower profit in its Mature business, and higher losses from new openings. Revenue for the year rose to
GBP2.35 billion, up 5.3% from
GBP2.33 billion the prior year, representing a 1.9% increase in constant currency. Growth was mostly driven by an acceleration of revenue growth from open office centres, meaning excluding closed centres, in the second half of the year. IWG declared a dividend for the year of
5.70 pence, up 12% from 5.10p the year before.----------
MAIN MARKET AND AIM - WINNERS----------
Findel, up 5.2%. The online retailer and education firm said it is exploring a potential deal between its largest subsidiary and its largest shareholder, Sports Direct International, after the success of a pilot scheme. Findel said it was "exploring the possibility" of further developing a commercial supply deal between Express Gifts and FTSE 250 sporting goods retailer Sports Direct. Findel is looking at the possibility after the two firms successfully piloted a similar scheme. This saw it test the sale of Sports Direct licensed clothing brands on Express Gifts' Studio.co.uk website. The two companies are now looking at ways to expand the agreement. As part of the talks, Sports Direct Strategic Investments Head Liam Rowley will attend Findel board meetings as an observer. This will be undertaken immediately, but Rowley will not have a right to vote.----------
MAIN MARKET AND AIM - LOSERS----------
Falanx, down 7.2% at 4.82p. The cyber security provider said it has raised
GBP4.6 million after placing 102.2 million shares at a price of
4.5 pence each to pay for the acquisition of First Base Technologies. The placing, which was announced earlier Tuesday, represents 65% of its existing issued share capital. The sole bookrunner for the placing was Turner Pope Investments. Falanx had said earlier on Tuesday it planned to raise to cash to buy First Base for
GBP3.2 million as well as for general working capital purposes. First Base is a cyber security testing and consulting business based in West Sussex. For the 12 months to March, it recorded revenue of
GBP1.8 million and earnings before interest, tax, depreciation, and amortisation of
GBP600,000. Sports Direct holds a 30% stake in Findel as of April 2016.----------
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