4th Jun 2020 11:00
(Alliance News) - The following stocks are the leading risers and fallers within the main London indices on Thursday.
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FTSE 100 - LOSERS
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Intermediate Capital Group, down 3.1%. The asset management company reported a decline in profit in its most recently ended financial year, but lifted its payout amid "good visibility" on future management fees. ICG reported a pretax profit of GBP114.5 million for the year to the end of March, down 37% GBP182.9 million reported a year earlier. This was due to lower gains on investments, which fell to GBP117.4 million from GBP225.9 million year-on-year. In addition, ICG said its administrative expenses grew to GBP241.4 million from GBP227.9 million a year prior. Net asset value as at March 31 was GBP4.63 a share, down from GBP4.93 a year earlier. More positively, ICG said assets under management were up 22% on March 31 to EUR45.3 billion, with EUR10.2 billion of new money raised. The company upped its final ordinary dividend by 2% to 35.8p per share, taking total dividends in the year up 13% to 50.8p per share.
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Pennon Group, down 2.2%. The water firm declared a higher dividend for financial 2020 but said it expects revenue for financial 2021 to be hurt by the Covid-19 pandemic. For its financial year ended March 31, Pennon posted revenue of GBP636.7 million, up 0.6% from GBP632.6 million the year before. However, pretax profit declined 4.1% to GBP193.1 million from GBP201.4 million. Lower earnings reflected the mix of margin on retail and wholesale revenue, Pennon said, with South West Water's wholesale margin reduced as a result of lower customer consumption. In addition, the utility company recorded increased depreciation on asset growth and higher absolute interest. Looking ahead, Pennon said it expects non-household revenue to reduce in financial 2021 due to Covid-19, highlighting a risk from expected credit losses for businesses, retailers and households. It added that the sale of Viridor is expected to complete in early summer. Pennon declared a final dividend of 30.11p, taking the total annual payout to 43.77p, up 6.6% from 41.06p the year before.
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FTSE 250 - WINNERS
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Euromoney Institutional Investor, up 14%. The business information publisher and event organiser expressed confidence going forward despite a profit drop in the first half of its current financial year. Euromoney reported revenue growth of 1% for the six months to the end of March to GBP186.3 million from GBP184.9 million a year earlier. Data & Market Intelligence revenue grew by 4% on an underlying basis and Pricing by 3%. However, Asset Management revenue declined by 5%, in line with recent trends, Euromoney said. Adjusted pretax profit declined 15% to GBP39.3 million, primarily hurt by events cancelled due to Covid-19 and the Asset Management revenue decline. Statutory pretax profit was down 24% to GBP37.4 million year-on-year.
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FTSE 250 - LOSERS
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Electrocomponents, down 3.1%. JPMorgan cut the electronics products distributor to Neutral from Overweight.
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OTHER MAIN MARKET AND AIM - WINNERS
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CyanConnode Holdings, up 48%. The radio frequency mesh networks company said a "substantial" Indian contract relating to two projects, which had been delayed, has now received necessary approvals to resume implementation. CyanConnode announced the order for the Indian utility, Jaipur Vidyut Vitran Nigam, worth INR1 billion - or GBP10.6 million - back in 2018. Revenue of INR113 million was recognised against the contract during 2018, and CyanConnode now expects most of the remaining revenue for the implementation phase - around 70% of the contract value - to be recognised within the next two years.
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ASOS, up 2.2%. Investec raised the online clothing retailer to Buy from Hold.
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By Lucy Heming;Â [email protected]
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Related Shares:
ERM.LICP.LPennonCyanconnodeASOS