3rd Feb 2025 09:34
(Alliance News) - Qinetiq Group PLC, IG Group Holdings PLC, and Ultimate Products PLC on Monday all announced new share buyback tranches.
Qinetiq, a Farnborough, Hampshire-based defence and security firm, said it completed the second tranche of its GBP100 million share buyback programme on January 16. Back in November, Qinetiq said it would extend that buyback by GBP50 million, and on Monday, it said that GBP50 million additional tranche will be run by Deutsche Numis and completed by June 30.
London-based contracts-for-difference trading platform provider IG Group earlier this month also announced a GBP50 million extension to its share buyback programme. The IG buyback originally was for GBP150 million. The GBP50 million additional tranche will be run by Morgan Stanley & Co International PLC and be completed by June 10.
Ultimate Products, based in Oldham, near Manchester, England, owns a string of homeware brands. It said the fourth tranche of its own share buyback will be worth GBP2 million. It will be run by Shore Capital and be completed by July 31.
Qinetiq shares were down 0.4% to 371.20 pence in London early Monday for a GBP2.07 billion market capitalisation. IG was down 1.4% at 1,005.00p for a GBP3.56 billion value. Both Qinetiq and IG are members of the FTSE 250 index.
Ultimate Products shares were down 17% to 83.75p. It has a GBP73.5 million market cap. Its shares were knocked after also providing a trading update on Monday, saying revenue was down 5.7% in the first half of its financial year. It also warned of higher costs, due to higher freight rates and National Insurance contributions.
By Tom Waite, Alliance News editor
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