Britain’s biggest pizza delivery firm Domino’s Pizza (DOM) confirms it will beat market forecasts on the pre-tax profit level as it posts an 18.2% jump in fourth-quarter sales.
The news goes down well with investors, pushing the stock more than 5% higher to 368.5p in early trade on Tuesday, topping the FTSE All Share leader board.
Like-for-like sales jumped 8.9% at Dominos in 2017 as a whole, the pizza chain says, boosted partly by the X Factor Final on 2 December 2017 - its biggest day of sales for the year.
Domino’s opened a record number of new stores in Britain during 2017 and it continues to expand internationally.
ZPG (ZPG), which owns price websites such as Zoopla and uSwitch, remains ‘comfortable’ with financial year 2018 market expectations despite slowing house price growth across the UK.
'We have had a good start to the 2018 financial year with continued strong consumer traffic to our platforms and strong partner demand for our products,' chief executive Alex Chesterman says ahead of the firm’s AGM on Tuesday.
Investors like the optimistic tone, pushing the share price 2% higher to 354.8p.
NEW FACE TO LEAD DIPLOMA
British industrial components distributor Diploma (DPLM) has appointed Richard Ingram as its new chief executive, replacing Bruce Thompson who announced his intention to retire in September last year.
‘Richard brings a wide range of executive and leadership expertise to Diploma with proven experience of growing international industrial businesses,’ a company statement reads on Tuesday. Ingram is an experienced engineer who has held executive roles at the likes of aerospace group Smiths (SMIN) and oil giant Royal Dutch Shell (RDSB).
Shares in the company stay flat at £11.74.
Luxury handbags maker Mulberry (MUL:AIM) is committed to manufacturing in Britain even as it grapples with higher leather import costs since the Brexit vote.
Shares in the company remain flat at 990p, although it has been a volatile year for investors in the company with the share price bouncing all over the place due to various cost and trading concern.
MAJOR HEALTH COMPANY ON TRACK
UDG Healthcare (UDG) said it expects adjusted earnings per share to increase by 18% to 21% in 2018, driven by a strong first quarter and benefits from the US tax reform.
That’s pretty much as expected for the £2bn company, hence the bare 1% share price increase to 819.5p.
British media business Informa (INF) sealed its £3.8bn takeover of conference organiser UBM (UBM) on Tuesday, creating an enlarged business information and events firm. The stock remains largely flat at 686.8p.
Interesting news from the hedge funds world as activist investor Elliott Capital lifts its stake in British pay-television broadcaster Sky (SKY) to 1.29%. Elliott often takes stakes in UK-quoted businesses where it sees opportunities to shake-up the board and operating performance.
Sky shares trade marginally ahead on Tuesday at £10.515.
TAKEOVER BATTLE HEATS UP
And the war of words continues between car parts and aero-engineer GKN (GKN) and its turnaround specialist suitor Melrose (MRO). The latter claims to be ‘surprised’ that GKN management had not disclosed Melrose plans to make a £150m voluntary cash contribution to prop-up the GKN pension fund, one of the bigger bones of contention between the two boards.
GKN trade modestly lower on Tuesday at 429.1p while Melrose stock stands at 229.6p.
Soap conglomerate PZ Cussons (PZC) says ‘tough trading conditions’ in the first half of the financial year in Europe and Africa led to a 10.3% fall in adjusted operating profit in the first half to 30 November 2017.
The company is looking at plans to improve performance, including the launch of new bathroom lines in the UK.
Oil prices fell on Tuesday for a second day as rising US output and a strengthening dollar sapped demand for crude, pushing Brent below $70 a barrel.
