London’s FTSE 100 is off 0.78 points at 7,573.5 in early trading, the blue-chip benchmark seemingly ignoring the latest tit-for-tat tariffs between the US and China.
Infrastructure giant John Laing (JLG) jumps 6.6% higher to 312.4p as first half results reveal growth in both profit before tax (PBT) and net asset value, bolstered by a gain on the sale of the company’s remaining 15% investment in Intercity Express Programme Phase 1.
‘John Laing is growing as an international expert investor in greenfield infrastructure, in Europe, North America, Asia Pacific and beyond,’ insists CEO Olivier Brousse. ‘Our pipeline of opportunities continues to grow, whilst our exposure to the UK market continues to reduce. The recent Rights Issue has given us the financial credibility to team up with the best international infrastructure players.'
Irish building products business CRH (CRH) improves 3% to £26.84 on news it achieved growth in first half profits even as severe first quarter weather conditions hurt performance. CRH raises the interim dividend 2.1% to €19.6 cent and CEO Albert Manifold sounds upbeat about the second half of the year, despite continuing currency headwinds and challenging conditions in the Philippines. Manifold expects ‘an improvement in the momentum experienced in Europe in the first half of the year and further EBITDA growth in the Americas, which will result in another year of progress for the group.’
Budget airline Ryanair (RYA) leaps 5.5% to €13.87 after the company reaches an agreement with the trade union Forsa to settle a protracted dispute with Irish pilots.
Gambling software supplier Playtech (PTEC) rallies 8.8% to 562.8p despite a 34% drop in first half adjusted net profit to €83.3m, hit by lower sales from Asia amid competition and tougher regulation. There is relief as Shore Capital flags a strong performance from Playtech’s financials division and reassuringly leaves its 2018 and 2019 EBITDA forecasts intact, while also reiterating its ‘buy’ stance on the stock.
Also in demand is Macfarlane (MACF), the packaging play marked up 3% to 105p on stellar first half results and a bullish outlook. Macfarlane’s PBT powered almost 40% higher to £3.5m in the half to June and CEO Stuart Paterson is confident his charge can deliver against full year expectations with a seasonal second half uplift from the e-commerce sector on the cards.
Professional buy-to-let specialist OneSavings Bank (OSB) cheapens 6.8p to 436.4p despite announcing a 17% surge in first half profit before tax to £91.8m, reflecting a successful focus on mortgage lending to larger, professional landlords. OneSavings Bank also upgrades 2018 net loan book growth guidance from at least mid-teens to the high-teens, although news it is seeing increased levels of competition triggers profit-taking after a recent strong run.
Investors have an appetite for restaurants owner Fulham Shore (FUL:AIM), bid up 8% to 12.25p as chairman David Page reports encouraging revenue increases in both its Franco Manca and The Real Greek outlets in the first 21 weeks of the financial year.
Surrey-based software group Sopheon (SPE:AIM) skips 25p or 2.7% higher to 965p as record interim results confirm a continuing strong performance, showing 62% growth in PBT and revenue visibility for the full year to boot.
