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Final Results

3rd Mar 2005 07:00

Fyffes PLC03 March 2005 Record year for Fyffes in 2004 Preliminary Results 2004 2003 • •Turnover 2,146m 1,925m up 11.5% Profit before tax - before goodwill amortisation 102.8m 75.7m up 35.9%- statutory 96.3m 71.8m up 34.1%- adjusted* 94.7m 71.6m up 32.2% Earnings per share - basic 20.28 cent 14.84 cent up 36.7% - adjusted fully diluted* 19.77 cent 14.95 cent up 32.2% Final dividend per share 5.20 cent 4.33 cent up 20.1% Full year dividend per share 6.73 cent 5.72 cent up 17.7% Shareholders' funds 353.4m 305.9m up 15.5% * before exceptional items and goodwill amortisation Commenting on the results, Carl McCann, Chairman, said: "Fyffes is pleased to report record results for 2004, with profit before tax,excluding goodwill amortisation, exceeding €100 million for the first time,helped by good profits from property activities. Strong performances inContinental Europe, together with first time contributions from acquisitions,have generated increases of more than 30% in adjusted profit before tax andearnings per share. Trading has been satisfactory in the first two months of 2005, particularly inContinental Europe. The Group continues to pursue the price increases necessaryto compensate for the significant increases that have occurred in shipping,transport and fuel costs. Fyffes continues to seek opportunities to apply itssubstantial resources to further develop the Group through acquisitions andalliances." 3 March 2005 For further information, please view the 2004 results slide presentation atwww.fyffes.comor contact Brian Bell, Wilson Hartnell PR, Tel: +353-1-6690030. Financial results and operating review Turnover Total turnover for the year ended 31 December 2004 was €2,146m compared to€1,925m in 2003, an increase of 11.5%. The acquisition of Everfresh Group AB inSweden, in May 2004, accounted for €177m of this increase. Total turnoverincludes the Group's share of turnover of its joint ventures and associates of€313m in 2004, compared to €319m in 2003. Profit before tax Total profit before tax, including property profits of €15.2m but excludingother exceptional items and goodwill amortisation, amounted to €110m in 2004.Profit before tax, excluding goodwill amortisation of €6.5m, amounted to €102.8mfor the year compared to €75.7m in 2003, an increase of 35.9%. Excluding netexceptional items of €8.1m and goodwill amortisation, adjusted profit before taxamounted to €94.7m, compared to €71.6m in the previous year, an increase of32.2%. Statutory profit before tax, after net exceptional items and goodwillamortisation, amounted to €96.3m in 2004 compared to €71.8m in 2003, an increaseof 34.1%. The Group's tropical produce operations accounted for 48.3% of totalprofit before tax, including property profits but excluding other exceptionalitems and goodwill amortisation, of €110m. Operating profit Total operating profit before exceptional items and goodwill was €89.2m in 2004,compared to €67.7m in 2003, an increase of 31.8%. Operating margins increasedto 4.2%, from 3.5% in the previous year. The Group's Continental Europeanoperations accounted for the majority of this improvement. Fyffes tropical produce division Tropical produce operations, comprising the Group's banana and pineappleprocurement, farming and shipping activities, accounted for €14.6m of the €21.5mimprovement in total operating profits in the year. This increase was achievedmainly in Continental Europe. The benefit of improved average exchange rates, due to the strength of Europeancurrencies against the US Dollar, exceeded the impact of higher operating costs,particularly in relation to shipping and fuel. Market conditions in localcurrencies were less favourable in the first six months of the year but improvedin the second half. Volumes were modestly ahead, year on year. The Group'sshare of profits from its Geest joint venture was up on 2003, helped by a €1.6mgain arising from changes in the financing arrangements relating to its IslandClass ships. EU enlargement on 1 May 2004 did not have any significant impacton the overall trading environment for the Group's tropical produce operations. Fyffes continues to develop its super-sweet pineapple business under the "FyffesGold" label. The Group's share of losses in its pineapple production jointventures, which continue through their development phase, amounted to €2.1m.Pineapple importing activities earned profits of €2m, on sales of 4.6m boxes,resulting in a close to breakeven overall result in the year. The Group'spineapple joint venture farms are planned to reach their full production levelstowards the end of 2006. Fyffes general produce division The Group's general produce division delivered a satisfactory result for theyear with a €7m increase in operating profits. Volumes, before the impact ofacquisitions, were modestly ahead of the previous year and market conditionswere generally stable. There were good performances in a number of key marketsand products. Apple and pear volumes were higher and the markets for citrus andstonefruit were strong. The division also benefited from a number of smallacquisitions, mainly in the UK. The Group's Capespan joint venture achieved animproved result as it benefited from the restructuring programme undertaken inrecent years and a broadening of its product range. Everfresh in Sweden, in the eight months since its acquisition in May 2004,accounted for approximately 60% of the increase in operating profits, beforeexceptional items and goodwill amortisation, in this division. The Group paid€29.4m, including costs, for 60% of Everfresh with a binding agreement toacquire the remaining 40% in 2007, the terms of which give Fyffes a beneficialentitlement to all of the earnings of Everfresh from the date of acquisition.Consequently, the Group is accounting for 100% of the Everfresh activities fromthe date of acquisition and has accrued an estimate of the deferredconsideration which may be payable in 2007. This transaction significantlyincreases Fyffes' activities in Scandinavia and, combined with our existingoperations in that region, it now accounts for approximately 20% of the Group'sfull year turnover. Property activities During the year, Fyffes realised profits before tax of €14.6m on two significantproperty transactions, €12.7m from the disposal of the Group's 50% interest in ajoint venture which owned development lands in Dundalk and €1.9m from thedisposal of a property in Kenmare, both in Ireland. Fyffes has earned pre-taxprofits in excess of €30m and realised cash of over €50m in aggregate over thepast four years from its property activities. The Group anticipates that itwill continue to generate similar levels of profits and cash from theseactivities over the medium term. The Group made further property investments in 2004 involving expenditure ofclose to €30m. These included the acquisition of additional land and premisesin Dublin and Dundalk, in Ireland, and in Edinburgh, in Scotland. In addition,the Group has committed €3.6m to a joint venture with Lagan Developments Limitedto acquire a property for retail development in Navan, in Ireland, comprising acash investment of €1.5m and a guarantee for €2.1m in relation to bankborrowings in the joint venture. Exceptional items Exceptional items gave rise to a net profit before tax in 2004 of €8.1m,compared to a net profit of €4m in 2003. Profits from the disposal of tangible fixed assets and the property jointventure noted above, together with a number of other smaller similartransactions, amounted to €15.2m. Towards the end of the year, the Group soldits 50% interest in a tropical farming joint venture, incurring a loss ondisposal of €1.1m. Termination of a number of small subsidiary operations,together with the receipt of deferred consideration in respect of a subsidiarysold in a prior year, gave rise to a net exceptional profit in the year of€0.6m. Net operating expenses for the year include costs amounting to €4.1m in relationto the Group's ongoing legal action against DCC plc and others, together with acharge of €2.5m (2003: €3.7m) relating to external costs and advisory feesincurred on Group acquisition activity. Interest Net interest income, including the Group's share of the net interest expense inits joint ventures, amounted to €5.5m in 2004, an increase from €4m in theprevious year. This improvement resulted from higher interest rates and higheraverage net cash balances during the year. Taxation The Group's tax rate for the year, excluding the impact of exceptional items,increased to 15.6% in 2004, compared to 12.8% in 2003. This reflects theincrease in profits arising in Continental Europe, where corporation tax ratesare higher, and the impact of acquisitions in the year. The charge for theyear, excluding the impact of exceptional items, was €13.8m compared to €8.7m inthe previous year. Including the tax on the exceptional items, the total chargefor 2004 was €14.3m, equivalent to a rate of 14.9%. Minority interests charge The total charge for minority interests in the year amounted to €11.6m comparedto €11.3m in 2003. The charge in the prior year included €0.5 million inrelation to an exceptional profit on disposal of fixed assets in one of theGroup's non-wholly owned subsidiaries. Earnings per share Basic earnings per share for the year amounted to €20.28 cent compared to €14.84cent in the previous year, an increase of 36.7%. Adjusted fully dilutedearnings per share, excluding the impact of exceptional items and goodwillamortisation, amounted to €19.77 cent in 2004 compared to €14.95 cent in theprevious year, an increase of 32.2%. Dividend The Board is proposing to pay a final dividend for the year ended 31 December2004 of €5.20 cent per share, an increase of 20.1% on the previous year. Thetotal dividend per share for the year will then amount to €6.73 cent, anincrease of 17.7% on 2003. The total dividend distributable to shareholders for2004 will be €23.4m compared to €19.8m in 2003. The final dividend, which willbe subject to Irish withholding tax rules, will be paid on 25 May 2005 toshareholders on the register on 15 April 2005. Cash flow Net cash balances at 31 December 2004 amounted to €163.6m compared to €172.4m atthe previous year end. Cash generated by the Group's operations during the yearamounted to €102.2m, including an improvement in working capital balances of€12.2m. From the cash generated in the year, the Group made dividend and taxpayments amounting to €36.2m, together with capital outlay of €85m comprisingacquisition expenditure, including net debt of €14.2m in the acquiredsubsidiaries, of €45.2m and capital expenditure, mainly on property assets, of€39.7m. Disposals of properties, subsidiaries and joint ventures realised netcash of €10.8m during the year. Balance sheet Shareholders' funds at 31 December 2004 amounted to €353.4m compared to €305.9mat 31/December 2003, largely reflecting the increase in retained profits for theyear. Goodwill The acquisition of Everfresh during the year gave rise to an increase ingoodwill amounting to €53.4m. In addition to the initial €29.4m considerationpaid in 2004, Fyffes has accrued deferred consideration which may become payabledepending on the performance of the business in the three years ending 31December 2006. Pension funding Under the measurement criteria in Financial Reporting Standard No.17 -Retirement Benefits, the Group's defined benefit pension schemes had a deficit(net of deferred tax) of €18.7m at 31 December 2004, compared to €9.5m at theend of previous year. Notwithstanding an increase in the value of scheme assetsof €12.4m during the year, the deficit is higher as a result of the decrease inlong term bond yields. EU banana import regulations The regulatory framework governing banana imports into the EU is scheduled to bechanged by the end of 2005. It is planned that the current system of tariffpreferences and quota restrictions on imports would be replaced by a regimebased solely on tariff preferences. In line with the timetable laid down for the process, the EU Commission recentlynotified the World Trade Organisation (WTO) of its intention to increase theduty on third country banana imports to €230 per tonne from 1 January 2006. Atthe same time, it reiterated its intention to maintain its protection for EU andAfro Caribbean and Pacific (ACP) banana producers. The proposed new tariff has been widely criticised by the majority ofstakeholders in the global banana industry. Latin-American producers haverejected it as being unacceptably high, while EU and ACP producers insist thatit is insufficient to maintain their place in the EU market. Under arrangements negotiated previously, the Latin-American banana producingcountries can call for the EU's tariff proposal to be subjected to anarbitration process. While this procedure is likely to be invoked, the mainLatin-American supplier countries have expressed their willingness to engage infresh negotiations with the Commission on the future regulation of the EU bananamarket, with a view to agreeing a sustainable long term solution. It is likely that such negotiations and the arbitration process will proceed inparallel throughout most of 2005. A determination of the final outcome isunlikely to take place until close to the end of the year. It is Fyffes' viewthat the continuation of the current system of import regulations is in the bestinterests of all of the stakeholders in the industry. International Financial Reporting Standards (IFRS) The Group is satisfied that it is well prepared for the transition to reportingunder IFRS. Interim results for the first half of 2005 will be presented inaccordance with IFRS, which will include the restatement of the 2004 half andfull year primary financial statements as comparatives. Litigation The trial of the Group's legal action against DCC plc and others in relation tothe sale of 31.2 million Fyffes' shares in February 2000 commenced in the HighCourt in Dublin on 2 December 2004. These proceedings are ongoing and areexpected to continue for a number of months. Current trading Trading has been satisfactory in the first two months of 2005, particularly inContinental Europe. The Group continues to pursue the price increases necessaryto compensate for the significant increases that have occurred in shipping,transport and fuel costs. Fyffes continues to seek opportunities to apply itssubstantial resources to further develop the Group through acquisitions andalliances. Carl McCann, Chairman on behalf of the Board 3 March 2005 Copies of this announcement will be posted to shareholders and are alsoavailable from the company's registered office, 29 North Anne St., Dublin 7. Fyffes plc Summary Group Profit and Loss Account for the year ended 31 December 2004 Continuing Activities Pre-Exceptional Exceptional Acquisitions Items Total Total 2004 2004 2004 2004 2003 •'000 •'000 •'000 •'000 •'000Turnover including Group share of jointventures and associates 1,969,154 176,581 - 2,145,735 1,924,624Less: Share of joint ventures andassociates turnover (312,542) (316) - (312,858) (318,823)Group turnover 1,656,612 176,265 - 1,832,877 1,605,801Cost of sales (1,363,384) (157,422) - (1,520,806) (1,341,962) Gross profit 293,228 18,843 - 312,071 263,839Net operating expenses (216,202) (14,745) (6,623) (237,570) (204,600)Goodwill amortisation - subsidiaries (4,666) (841) - (5,507) (2,850) Group operating profit - continuingoperations 72,360 3,257 (6,623) 68,994 56,389Share of operating profit - joint venturesand associates - excl tropical production 10,181 17 - 10,198 6,662Share of operating profit - joint venturesand associates - tropical production (2,123) - - (2,123) (1,963)Goodwill amortisation - joint ventures (1,004) - - (1,004) (1,004) Total operating profit - continuingoperations 79,414 3,274 (6,623) 76,065 60,084Paragraph 20 exceptional items - Group - - 14,696 14,696 8,286Paragraph 20 exceptional items - Share ofjoint ventures - - - - (544)Net interest receivable and income fromfinancial assets - parent and subsidiaries 6,361 (269) - 6,092 4,594Net interest payable - share of jointventures and associates (564) - - (564) (622) Profit before taxation 85,211 3,005 8,073 96,289 71,798Taxation (14,333) (9,174)Profit after taxation 81,956 62,624Minority interests (11,638) (11,309) Profit attributable to Group shareholders 70,318 51,315Dividends - paid (5,304) (4,808) - proposed (18,100) (14,982) Retained profit for the year 46,914 31,525 Earnings per shareBasic 20.28 14.84Fully diluted 20.06 14.71Adjusted fully diluted 19.77 14.95 Dividend per ordinary share 6.73 5.72 Fyffes plcSummary Group Balance Sheetas at 31 December 2004 2004 2003 •'000 •'000Fixed assetsIntangible assets 2,313 2,319Goodwill 93,513 44,965Tangible assets 169,204 130,068 Financial assetsInvestment in joint ventures 35,337 25,186Investment in associates 363 389Other investments 18,018 17,742 53,718 43,317 Total fixed assets 318,748 220,669 Current assetsStocks 36,968 36,739Debtors 234,378 190,669Cash at bank and in hand 399,964 359,594 671,310 587,002 Creditors: amounts falling due within one year (420,423) (283,949)Net current assets 250,887 303,053Total assets less current liabilities 569,635 523,722Creditors: amounts falling due after more than one year (149,193) (153,808)Provisions for liabilities and charges (12,128) (14,467)Total net assets 408,314 355,447 Capital and reservesCalled-up share capital 21,426 21,302Share premium 96,457 94,508Profit and loss account 163,845 118,393Other reserves 71,686 71,686Shareholders' funds - equity 353,414 305,889Minority interest - including non-equity interests 54,900 49,558 408,314 355,447 Other Statements Movement on Profit and Loss Account 2004 2003 •'000 •'000At beginning of year 118,393 105,961Retained profit for the year 46,914 31,525Goodwill movements - (24)Realised revaluation reserve on disposal - 503Currency translation adjustment (1,462) (19,572)At end of year 163,845 118,393 2004 2003 •'000 •'000 Profit for the financial year 70,318 51,315Currency translation adjustment (1,462) (19,572) Total recognised gains and losses for the year 68,856 31,743 Reconciliation of movements in Shareholders' funds 2004 2003 •'000 •'000At beginning of year 305,889 293,375Total recognised gains and losses for the year 68,856 31,743Transactions with shareholders: Dividends on equity shares (23,404) (19,790) Shares issued 2,073 585Net goodwill adjustment - (24)At end of year 353,414 305,889 Fyffes plcSummary Group Cash Flow Statementfor the year ended 31 December 2004 2004 2003 Notes •'000 •'000Cash inflows from operating activities 6 102,225 47,039Dividends received from joint ventures and associates 222 6,177Return on investments and servicing of finance 7 1,413 3,610Corporation tax paid (15,897) (10,171)Capital expenditure and financial investment 7 (35,709) 3,413Acquisitions and disposals 7 (29,967) (12,487)Equity dividends paid (20,286) (18,414) Cash inflow before management of liquid resources andfinancing 2,001 19,167 Financing 7 52,748 (28,217)(Increase) in liquid resources (30,104) (3,256) Increase/(decrease) in cash for the year 24,645 (12,306) Reconciliation of net cash flow to movement in net funds Increase/(decrease) in cash for the year 8 24,645 (12,306)Increase in net liquid resources 8 30,104 3,256Net (increase)/decrease in debt 8 (51,007) 28,923 Changes in net funds resulting from cash flows 3,742 19,873 New finance leases (304) (42)Loans acquired with subsidiary undertakings 8 (7,441) -Finance leases acquired with subsidiary undertakings 8 (3,846) -Translation adjustment 8 (963) (14,255) Movement in net funds in the year (8,812) 5,576 Net funds at beginning of year 172,373 166,797 Net funds at end of year 8 163,561 172,373 Fyffes plcNotes to Preliminary Announcementfor the year ended 31 December 2004 1. Basis of preparation The preliminary statement has been derived from the financial statements for theyear ended 31/December 2004 which have been prepared on the basis of theaccounting policies set out in the statutory financial statements for the yearended 31 December 2003. 2. Exceptional items Exceptional items within operating profit Included in net operating expenses are costs amounting to €4.1m incurred inconnection with the Group's ongoing court proceedings against DCC plc andothers. Net operating expenses also include a charge of €2.5m relating to external costsand advisory fees incurred on Group acquisition activity. Costs of a similarnature amounting to €3.7m were incurred in 2003. Paragraph 20 exceptional items 2004 2003 •'000 •'000Profit on disposal of tangible fixed assets 2,505 7,643Profit on disposal or termination of activities of subsidiary undertakings 582 511Profit on disposal or termination of activities of joint ventures andassociates 11,609 132Total Paragraph 20 exceptional items - Group 14,696 8,286Share of joint ventures' exceptional item - (544)Total 14,696 7,742 During the year, the Group disposed of a number of properties mainly in Ireland,realising a net profit of €2.5m. Towards the end of the year the Group recovered a further net €0.9m in relationto a subsidiary disposed of in 2001. Post acquisition, the Group terminated theactivities of Everfresh in Finland, incurring closure costs amounting to €0.3m. In the first half of the year the Group sold its 50% interest in a joint ventureundertaking whose primary asset was a 26 acre development property in Ireland.This transaction realised a profit of €12.7m for the Group. Towards the end ofthe year the Group sold its 50% interest in a joint venture which was engaged intropical production in Central America giving rise to a loss on disposalamounting to €1.1m. The tax effect of all exceptional items is a net charge of €0.5m. 3. Taxation The tax rate for the year, excluding the impact of exceptional items, was 15.6%(2003: 12.8%). With the impact of the exceptional items, the total tax chargeis equivalent to a rate of 14.9% (2003: 12.8%). 4. Dividends 2004 2003 •'000 •'000Ordinary shares of €6 cent - equityInterim dividend of €1.53 cent (2003: €1.39 cent) 5,304 4,808Final dividend of €5.20 cent (2003: €4.33 cent) 18,100 14,982Total 23,404 19,790 At 31 December 2004, the company and subsidiary companies held 9,021,610 (2003:9,021,610) ordinary shares of €6 cent each in Fyffes plc. The right todividends on these shares has been waived. 5. Earnings per share 2004 2003 •'000 •'000BasicProfit after tax and minority interests 70,318 51,315AdjustmentsExceptional items (8,073) (4,025)Tax effect of exceptional items 549 490Minority share of exceptional items - 497Goodwill amortisation 6,511 3,854Earnings for calculation of adjusted basic earnings per share 69,305 52,131 No. of shares No. of shares '000 '000Weighted average number of ordinary shares outstanding 355,738 354,907Deduct weighted average own shares acquired (9,022) (9,022)Weighted average number of ordinary shares for basic earnings per sharecalculation 346,716 345,885 • cent • centBasic earnings per share 20.28 14.84Adjusted basic earnings per share 19.99 15.07 •'000 •'000Fully dilutedProfits for basic earnings per share calculation 70,318 51,315AdjustmentsExceptional items (8,073) (4,025)Tax effect of exceptional items 549 490Minority share of exceptional items - 497Goodwill amortisation 6,511 3,854Earnings for calculation of adjusted fully diluted earnings per share 69,305 52,131 2004 2003 No. of shares No. of shares '000 '000 Weighted average number of ordinary shares outstanding 355,738 354,907Deduct weighted average own shares acquired (9,022) (9,022)Weighted average number of options with dilutive effect 3,782 2,876Weighted average number of shares for fully diluted earnings per sharecalculation 350,498 348,761 • cent • centFully diluted earnings per share 20.06 14.71Adjusted fully diluted earnings per share 19.77 14.95 Adjusted basic and adjusted fully diluted earnings per share are calculated toadjust for the impact of exceptional items after tax and minority interests andfor the impact of goodwill amortisation. 6. Reconciliation of operating profit to net cash inflow from operating activities 2004 2003 •'000 •'000Group operating profit 68,994 56,389Depreciation of tangible fixed assets 15,990 14,749Amortisation of goodwill 5,507 2,850(Increase) in operating debtors (8,433) (10,126)Increase/(decrease) in operating creditors 17,227 (15,880)Decrease/(increase) in stocks 3,376 (422)Amortisation of grants (436) (521)Net cash inflow from operating activities 102,225 47,039 7. Analysis of cash flows for headings netted in cash flow statement 2004 2003 •'000 •'000Returns on investments and servicing of financeInterest received and income from financial assets 14,831 15,253Interest paid and similar financial costs (6,867) (8,336)Dividends paid to minority interests (5,430) (3,184)Redemption of minority interest shares (1,000) -Interest element of finance lease payments (121) (123)Net cash inflow from returns on investments and servicing of finance 1,413 3,610 2004 2003 •'000 •'000Capital expenditure and financial investmentPurchase of tangible fixed assets (39,711) (9,346)Proceeds on sale tangible fixed assets 4,038 12,708Purchase of investments (40) (75)Grants received 4 126Net cash (outflow)/inflow from capital expenditure and financialinvestment (35,709) 3,413 Acquisitions and disposalsPurchase of subsidiaries (31,011) (5,704)Net cash acquired with subsidiaries 947 1,512Overdraft acquired with subsidiaries (3,833) -Investment in and purchase of joint ventures and associates (4,561) (7,339)Long term loans repaid by joint ventures 3,037 -Disposal/termination of subsidiaries 582 511Payments in respect of deferred consideration (1,355) (1,467)Disposal of joint ventures and associates 6,227 -Net cash (outflow) from acquisitions and disposals (29,967) (12,487) Management of liquid resources(Increase) in bank deposits (30,104) (3,256) FinancingLoans due within one year - drawn down 53,845 6,152 - repaid (3,732) (33,672)Loans due after more than one year - drawn down 26,089 925 - repaid (23,464) (931)Capital element of finance lease payments (1,731) (1,397)Net increase/(decrease) in debt 51,007 (28,923)Issue of share capital (including premium thereon) 2,073 585(Repayment) to/investment by minority shareholder in subsidiaryundertaking (332) 121 Net cash inflow/(outflow) from financing 52,748 (28,217) 8. Analysis of net funds Acquisitions & Disposals (excl cash & overdrafts) At 31 Dec 2003 Non-cash Translation At 31 Dec •'000 movement adjustments •'000 Cash flow 2004 •'000 •'000 •'000 •'000 Cash in hand, at bank 39,748 12,161 334 52,243Overdrafts (19,713) 12,484 (65) (7,294) 24,645 Bank deposits 319,846 30,104 (2,229) 347,721 Loans due within one (24,750) (22,357) (394) (61,963) 135 (109,329)yearLoans due after one (141,232) (30,381) (7,047) 61,963 881 (115,816)yearFinance leases (1,526) 1,731 (3,846) (304) (19) (3,964) _______ (51,007) ______ ______ _____ _______ Total 172,373 3,742 (11,287) (304) (963) 163,561 This information is provided by RNS The company news service from the London Stock Exchange

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