30th Jul 2019 10:37
(Alliance News) - The following stocks are the leading risers and fallers within the main London indices on Tuesday.----------FTSE 100 - WINNERS----------BP, up 3.0%. The oil major reported a "resilient" second-quarter performance, with profit climbing sharply on the prior three months. Underlying replacement cost profit, BP's preferred metric, for the three months to June rose 19% on the first quarter to USD2.81 billion, though it was 0.4% lower year-on-year. BP's underlying RC profit for the six months to June was USD5.17 billion, down 4.4% on the year before. Reported RC profit fell 7.4% to USD3.87 billion in the half year, while interim profit attributable to shareholders declined 9.7% to USD4.76 billion. The company said the second quarter's profit performance reflected a "good" operating performance, offsetting lower oil prices year-on-year. BP is paying a quarterly dividend of 10.25 US cents, the same as for the first quarter. BP returned USD125 million to shareholders over the first half via share buybacks. Shares in peer Royal Dutch Shell were benefitting from a positive read-across, with Shell 'A', up 0.7% and Shell 'B', up 0.6%.----------FTSE 100 - LOSERS----------Centrica, down 12%. The British Gas parent slashed its dividend after an "exceptionally challenging" first half resulted in profit and revenue both falling, worsened by restructuring costs. For the six months ended June, the utility sank to a GBP569 million pretax loss from a GBP415 million profit the year prior. This was after revenue fell 4.4% to GBP11.57 billion from GBP12.10 billion the year before. Profit performance was hurt by exceptional costs surging to GBP845 million from GBP211 million the year prior. This was primarily due to rising restructuring, pension and impairment charges. Centrica more than halved its interim dividend per share to 1.50 pence from 3.60 pence the year prior. Chief Executive Officer Iain Conn is to step down from his post and retire from the company's board next year, and Centrica also announced plans to sell its oil and gas business. ----------Fresnillo, down 7.5%. The Mexican gold miner said lower production and gold prices have led to a decline in revenue and a far steeper fall in profit. Fresnillo's revenue for the six months to June declined 10% to USD1.00 billion, with pretax profit from continuing operations dropping dramatically to USD54.1 million from USD323.0 million a year before. Adjusted earnings before interest, tax, depreciation, and amortisation fell 46% to USD307.9 million. The worsened results were due to a 7.1% fall in gold production to 432,417 ounces in the half-year, and a 10% dip in silver output to 27.6 million ounces, which had been reported earlier in July. Fresnillo slashed its interim dividend by 76%, to USD0.026 per share from USD0.107 a year before. ----------Reckitt Benckiser, down 3.8%. The household goods maker cut its full year like-for-like sales guidance amid a weaker-than-expected start to the year. For the six months ended June, pretax profit widened 14% to GBP1.26 billion from GBP1.11 billion a year prior. This was after revenue rose 1.6% to GBP6.24 billion from GBP6.14 billion. However, Reckitt said sales growth in the first half was below expectations and cut its annual like-for-like sales guidance to a range of 2% to 3%, from a previously expected target of 3% to 4%. ----------FTSE 250 - WINNERS----------Provident Financial, up 8.5%. The subprime lender said it was "pleased" with interim results despite the distraction of a hostile bid from Non-Standard Finance - which was blocked by the UK Prudential Regulation Authority last month. Provident's pretax profit, before bid defence costs, rose 77% year-on-year to GBP61.2 million for the six months to June 30, with the statutory figure up 8.8% to GBP37.6 million. Adjusted pretax profit was flat at GBP74.9 million. This "continued good recovery" means Provident has been able to reintroduce its interim dividend, and it is paying 9.0 pence per share for the period. The interim payout was scrapped in the summer of 2017.----------BBA Aviation, up 6.2%. The aviation support and aftermarket services provider agreed to sell its aerospace parts and services unit Ontic to CVC Fund Vll, managed by private equity firm CVC Capital Partners, for an enterprise value of USD1.37 billion. BBA said it expects to return between USD750 million and USD850 million of that to shareholders. BBA Aviation said the sale is unanimously supported by the board as being in the best interests of shareholders and will enable enhanced focus and investment in the company's Signature flight support services business.----------Elementis, up 5.2%. The speciality chemicals company raised its interim payout amid profit and revenue growth despite tough conditions, with forecasts of an improved second half of the year. For the six months ended June, pretax profit widened 3.8% to USD48.6 million from USD46.8 million the year prior. This was after revenue rose 6.7% to USD449.7 million from USD421.4 million the year before. Elementis proposed a 2.80 US cents per share interim dividend, up 3.7% from 2.70 cents the year prior. This reflected the "confidence" of the firm for its "medium-term growth prospects". ----------FTSE 250 - LOSERS----------CYBG, down 8.2%. The owner of Clydesdale and Yorkshire banks said net interest margins were likely to be at the lower end of forecasts, as it reported a fall in mortgage loans and margins in the third quarter. CYBG reported third quarter NIM of 168 basis points - which was 3 basis points lower compared to the first half of 2019, due to the re-financing impact of a large volume of mortgage redemptions in the third quarter. The company, which is rebranding itself as Virgin Money following the merger with its challenger bank rival, said NIM for financial 2019 is expected to be at the lower-end of the 165 to 170 basis points guidance range. CYBG added that "good" progress continues to be made with the Virgin Money integration programme.----------Greencore, down 4.5%. The sandwich maker said site disposals, business exits and weak market conditions dented revenue growth in the third quarter of financial 2019. For the 13 weeks to June 28, reported revenue from continuing operations totalled GBP365 million, down 2.9% year-on-year. On a pro forma basis, revenue increased by 0.8% in the quarter. Year to date, reported revenue from continuing operations totalled GBP1.07 billion, down 4.0% on the prior year period. On a pro forma basis, revenue increased by 3.8%. Greencore said it is performing well against its strategic and financial objectives and continues to anticipate growth in annual adjusted operating profit supported by underlying revenue growth and a good operational performance.----------Aston Martin Lagonda, down 3.0%. Bank of America downgraded the Valkyrie hypercar maker to Neutral from Buy. ----------OTHER MAIN MARKET AND AIM - LOSERS----------FireAngel Safety Technology, down 14%. The smoke detector maker said its boss will leave before the end of July and predicted a sharp growth in interim revenue. For the six months ended June, the company expects revenue to rise 17% to GBP20.7 million from GBP17.7 million. The firm added the results were "ahead of budget". Underlying this growth, interconnected alarms grew sales 30% to take its total contribution of group revenue to 15%. In addition, UK trade revenue grew over 30% and German revenue continued to recover. FireAngel added its inventory position narrowed to GBP8.5 million at the end of June from GBP11.0 million the year prior. This was a result of new supply chain processes and more rigorous sales management. FireAngel said Chief Executive Officer Neil Smith will leave the AIM-listed firm from Wednesday. He had been CEO at FireAngel - formerly known as Sprue Aegis until July 2018 - since 2015. In his place, Non-Executive Chair John Conoley will assume the role of executive chair.----------