Steel-to-mining giant Evraz (EVR), the largest coking coal producer in Russia, rises 5% to 241.9p on strong full year results, reflecting a surge in the coking coal price as well as cost-cutting initiatives. CEO Alexander Frolov remains ‘cautiously optimistic about the market environment’ and believes Evraz will generate resilient free cash flow and further decrease leverage during 2017.
Cyber security company NCC (NCC) rebounds 3.6% to 122.25p on news Rob Cotton has stepped down as CEO with immediate effect. This isn’t a complete surprise following recent profit warnings. Numbers man Brian Tenner will take over as interim CEO and lead the previously announced strategic review.
Outsourcer Mitie (MTO) is marked up 7.9% to 223p after disposing of its loss-making social care division to specialist healthcare investor Apposite for £2.
Free-to-air broadcaster ITV (ITV) edges 2.2p higher to 204.7p on solid enough annual results, albeit pre-tax profits fell from £641m to £553m as net advertising revenues declined by 3%. CEO Adam Crozier says ITV Studios will return to good organic sales growth in 2017 and there’s a 5p special dividend, on top of a 20% hike in the full year payout to 7.2p, to keep income hunters happy.
Road building materials play CRH (CRH), a likely winner under the Trump administration, improves 99p (3.6%) to £28.19 on stonking annual numbers showing margins and returns ahead in every division and year-end debt ahead of target. There’s also a positive development strategy update, highlighting recent acquisitions and divestments, to stoke investors’ interest.
Car distributor Inchcape (INCH) motors 2.5% north to 769.5p after sustaining its track record of growth in 2016. Stefan Bomhard-steered Inchcape is performing well in emerging markets and profits from used vehicles and aftersales are also strong, reflecting the group’s focus to deliver the full potential of all revenue streams.
Heading south is chemicals group Elementis (ELM), which cheapens 6.2% to 280.9p on a sharp decline in full year profits caused by the stronger dollar, which hurt its chromium business, and lower oil prices, which had a negative impact on demand in the energy sector.
International Personal Finance (IPF) crashes 10.6% to 162p as it posts a £23.5m slump in taxable profits to £92.6m for 2016, reflecting lower home credit profit and higher investment in its digital business.
Man Group (EMG) is marked down 5.4% to 138.5p as the FTSE 250 listed investment manager reports a lurch into the red for 2016, which CEO Luke Ellis describes as ‘a challenging year for the investment management industry’.
