Bookmaker Paddy Power Betfair (PPB) shares are down 4% despite revealing a healthy set of fist half to 30 June results. Revenue is up 9% to £827m with operating profit up 22% to £180m both on a year on year basis. The company is losing its influential chief executive Breon Corcoran soon, he says ‘we continue to make substantial investments to position Paddy Power Betfair as a structural winner in a dynamic and highly competitive market’.
Pets at Home (PETS) shares track up 7.8% to 185.75p on releasing some strong first quarter results to 20 July. The company’s revenue is up 5% to £256.5m compared to the same period last year. Its CEO Ian Kellett, says ‘Whilst it is still early in the year, the financial outlook is in line with our expectations’.
IWG (IWG), parent company of office brand Regus, shares have dropped 10.4% to 307.3p. This comes as the company reveals a 4% drop in pre-tax profits.
Global hotel chain, Intercontinental (IHG), shares slip 2.7% to £42.93 despite revealing a healthy set of half year results to 30 June. The company’s revenues, profits and earnings per share all up on last year both on a reported and underlying basis with the exception that its net debt has increase to over $2bn from $1.8bn the previous year. However, its revenue per room, a key industry metric has slowed to 2.1% in the first half.
Construction services company Morgan Sindal (MGNS) shares tick up 3.6% to £14.85 after releasing a strong set of half year to 30 June results. The company’s revenue is up 14% to £1.3bn, adjusted pre-tax profits up 47% to £23.7m and adjusted earnings per share 46% to 43.6p all on a year on year basis.
Another construction services provider T Clarke (CTO) has not fared as well, its shares down 10% to 81p. The company’s results for the six months to 30 June show improvements across the board though, revenue up 17% to £142.8m, underlying operating profit up 6% to £2.9m.
Fuel and materials logistics company Hargreaves Services (HSP) shares are up 8.6% to 380p as its continuing underlying operating profits hit £9.9m for year ending 31 May. This is up from £4.6m at the same time last year. The company’s net debt has more than halved to £15.7m in the same time period. Hargreaves chairman David Morgan says ‘The achievement of our Group profit target was a positive step forward, which we believe marks a real turning point for the group’.
Publishing house Quarto (QRT) shares soar 23.6% to 172.5p as it reveals it has received an ‘attractive’ offer to purchase the business. The company also revealed its second half to 30 June results which show a drop in revenues and a greater loss on a year on year basis.
