The FTSE 100 made a steady start after US president Donald Trump softened his rhetoric on trade overnight and a big draw in US inventories boosted oil prices. The latter gives a lift to index heavyweights BP (BP.) and Royal Dutch Shell (RDSB) and the FTSE is up a handful of points in early trading.
Premier Inn and Costa Coffee owner Whitbread (WHB) ticked up 1.1% to £39.35 as it unveiled first quarter sales up 3.2%, driven by expanded hotel capacity and the opening of new Costa stores.
On a like-for-like basis, however, the company's sales in the UK fell by 1.3%, amid a 2% fall at Costa and 0.9% fall at Premier Inn.
'We expect to deliver in-line with expectations for the full year and we continue to make strong progress on our efficiency programme,' chief executive Alison Brittain says.
Free-to-air broadcaster ITV (ITV) fell 1.2% to 173.75p as it reports that Ian Griffiths, chief operating officer and group finance director will retire in the next 12 months.
Griffiths is expected to continue with his existing responsibilities until a successor has been appointed. He joined ITV in September 2008 and had played a key role in leading a turnaround of the company.
Defence, transport and energy contractor Ultra Electronics (ULE) downgrades is first-half profit guidance due to cost overruns at its Herley defence and aerospace unit in the US.
Expectations for the company full-year operating profit, on a constant currency basis, had been cut by £4m to £6m. Based on the existing consensus forecasts. At the upper end this amounts to a downgrade of around 5.5% and the shares are down almost exactly 5.5% to £15.33.
Office space provider IWG (IWG), which is in a takeover situation, slumps 5.9% to 305.2p as it warns group operating profit will fall short of previous guidance as its UK business is performing below expectations and plans to bolster network growth will increase costs.
Group operating profit for 2018 is now expected to be below management's previous expectations by approximately £15m to £20m.
Distribution and outsourcing outfit Bunzl (BNZL) fell 1.9% £22.49 as it slows to a ‘more normal’ growth trajectory in the second quarter with the company unusually not making any acquisitions in the period.
Digital printing firm Xaar (XAR) falls 11.3% to 243.5p as it reports the performance of its legacy ceramics business has been below expectations in the first five months of the financial year.
To mitigate a weaker-than-expected revenue performance from that business in the first half, Xaar said it would cut costs.
