UK stocks get off to a slow start with the FTSE 100 index virtually flat on Tuesday’s close at 7,226 points. Financial and Consumer stocks are the early leaders while exporters come under pressure as the Pound continues to climb against the US Dollar.
Ticketing technology firm Accesso (ACSO:AIM) shares rally 3% to £25.75 on news of a partnership with Google which will allow customers to book events via Google Search, Maps and Assistant. Users will now see a ‘Find Tickets’ button with their search results enabling them to click through to the company’s Ingresso platform and buy tickets directly.
Independent oil and gas explorer Genel Energy (GENL) reports a robust third-quarter performance with production exceeding expectations. Output at its Peshkabir operations in Kurdistan has already met the year-end target and exit-rate production this quarter will be 'considerably higher' than current levels.
Operating costs and capital expenditure are seen at the bottom end of its previous guidance range and thanks to receipts this month the company is now in a net cash position. Shares put on 3% to 252p.
Hollywood Bowl (BOWL) pleases with a 'robust' full year performance thanks to increased consumer spending on entertainment and news that the Board is considering returning additional cash to shareholders. Shares trade 5% better to 211p.
Brewer Marston’s (MARS) shares are down 3% after it delivers full-year pre-tax profits just shy of market estimates at £104m (consensus £108m). Despite strong trading over the summer thanks to the good weather and the World Cup, higher operating profits were crimped by higher interest costs on its considerable debt.
Recruitment specialist PageGroup (PAGE) reports an acceleration in net fee income in the third quarter and see full-year operating profits slightly ahead of consensus.
Income topped £200m for a second consecutive quarter thanks to a higher contribution from Asia-Pacific, the firm’s second-largest market, and a less negative trend in the UK where fee growth was positive for the first time in 18 months. Shares add 2% to 558p.
Shares in cake-maker Patisserie Holdings (CAKE:AIM) are suspended after the company notified shareholders of the discovery this week of 'significant and possibly fraudulent' accounting irregularities which may have led to a mis-statement of its accounts.
This in turn has 'significantly impacted' the company’s cash position and may lead to “a material change” in its financial position according to the statement.
Shares in utility SSE (SSE) trade sideways at £11.31 on news that the Competition and Markets Authority has waved through the merger between SSE Retail and Npower.
According to the CMA the firms are 'not close rivals for customers' when it comes to standard variable tariffs and there is still 'plenty of choice' to switch away from expensive tariffs following the merger.
Car retailer Vertu (VTU:AIM), which operates mainly under the Bristol Street Motors banner, reports strong first-half sales thanks to higher volume and value sales of second-hand cars and rising service revenues.
New-car volumes and prices also rose thanks to a strong August with the SMMT reporting sales of new cars up 23%. September saw a reversal with registrations the lowest since 2011 but Vertu’s used-car franchise and rising prices for used cars afford it some protection and management are maintaining full-year profit guidance. Shares remain largely unmoved at 41p.
Luxury interior-furnishings designer and owner of the William Morris and Sanderson brands Walker Greenbank (WGB:AIM) reports first-half sales almost flat in what it concedes is a “generally difficult” market. Better growth in the US and a “less negative” trend in the UK mean the group is on track to meet full-year earnings expectations. Shares slip 2% to 73p.
