RAMSEY CROOKALL & CO
7th June 2011
Afternoon Report
The FTSE 100 up 0.1%, moving off morning highs as European 'peripheral' sovereign debt concerns continue to hamper the upside. In stocks, Whitbread is down 1.4% after Barclays Capital cuts its recommendation on the stock. By contrast, Resolution up 3.5%, as investors welcome the group's share repurchase program.
Struggling CD and DVD retailer HMV moves ahead after it struck a refinancing deal with its banks worth £220m that represents an “important milestone” in securing the company’s financial stability.
Findel, the home shopping group behind the cleaning products brand Kleeneze and supplier of education supplies, delivered a share price rise after it said a resilient performance left it well-placed for the future, despite a fall in profits. In the year to 1 April, pre-tax profits slipped to £7m from £11.7m the previous year on revenues down to £532.6m from £547m.
Oil rig services group Lamprell said that the positive trends seen last year have continued into 2011 and its year-to-date performance has been in line with management expectations.The firm noted that its strong performance in 2010 was driven by elevated oil prices and a turnaround in the new build jackup market which was triggered by the "post-Macondo effect".
Healthcare outsourcer Synergy Health said its provision of critical healthcare services is helping it to cope with tough economic circumstances as it posted a rise in profits and revenues. Adjusted pre-tax profits in the year to 3 April were up to £38.3m from £32.6m the previous year on revenues that rose to £287.3m from £286.4m. The company, a provider of sterilisation services, lifted its full-year dividend to 15.84p from 13.2p.
THE FTSE 100 at 12:00 Up 10 @ 5873
THE DOW JONES closed Down 61 @ 12089
THE NASDAQ COMP closed Down 30 @ 2702
Exchange Rates
GBP – USD 1.6428
GBP - EURO 1.1200
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