London’s FTSE 100 sheds 65 points to trade at 6,936 early on Wednesday, dragged down by weakness in oil, gas and mining stocks.
Hard-pressed sofas seller DFS Furniture (DFS) rallies 7.3% to 182.4p as it leaves full year guidance unchanged, holds the half year dividend at 3.7p and flags a ‘strengthening trading performance’ across the first half to January and through February into March.
There’s relief that despite the current squeeze on big ticket spending and a drop in first half profits, DFS is confident of delivering modest growth in EBITDA and generating strong cash flow this year.
Retail meat packer Hilton Food (HFG) fattens up 2.6% to 790p as it serves up forecast-beating full year results showing taxable profits 8% higher at £37.4m and hikes the dividend more than 11% to 19p.
2017 was a transformational year for Hilton, which acquired fish processor Seachill, agreed to build a new facility in New Zealand to supply Countdown Supermarkets and says positive momentum has continued into 2018.
Elsewhere, healthcare equipment-to-hydraulic seals distributor Diploma (DPLM) cheapens 1.1% to £11.07 in spite of news it traded robustly in the first half ending 31 March, as investors focus on a substantial increase in working capital used up to support ‘the much stronger trading environment’.
Over-50s insurer Saga (SAGA) slides 2.4p lower to 111.1p on the resignation of finance director Jonathan Hill, who is off to join Paddy Power Betfair (PPB).
Esports business Gfinity (GFIN:AIM) reverses 5.2% to 11.5p as half year results reveal a widened before tax and the company announces a placing of new shares priced at 12p to raise £6.7m to fund growth and top up its working capital coffers.
Remote meetings specialist LoopUp (LOOP:AIM) leaps 4p higher to 432.5p after announcing its expansion into the $275m Australian market with the formal opening of its Sydney office.
Cash shell Gloo Networks (GLOO:AIM) crashes 62% to 36p on news it is ‘no longer considering a reverse takeover’ following recent discussions with a potential target.
