The FTSE 100 is on the front foot as European worries seem to have subsided from earlier this week. The index is up by 18 points to 7,707 after a strong showing on Wall Street overnight.
Coach and rail company FirstGroup (FGP) sheds 13% to 96.2p as its full year results to 31 March show a pre-tax loss of £327m. The company has also parted with chief executive Tim O’Toole, who says ‘the time is right for me to step aside’. FirstGroup’s US coach division Greyhound took an impairment charge of £277m which has been blamed on greater competition from ultra-low cost airlines.
Building materials retailer CRH (CRH) gains 4% to £27.88 on announcing a number of business improvement initiatives. The company is establishing a global building products division that is coming on line in January 2019.
Speciality chemicals and sustainable technologies company Johnson Matthey (JMAT) ticks up 2.25% to £34.73 after releasing its 2018 full year results. The company’s revenue is up 17% to £14.1bn, with underlying operating profit up 2% to £525m. Chief executive Robert MacLeod says the company delivered a financial performance ‘in line with our expectations at the start of the year’.
Car retailer Caffyns (CFYN) backs up 2.4% to 415p as its full year results show its underlying pre-tax profit is down to £1.4m from 2017’s £2.1m. The report talks of ‘challenging market conditions’ facing the company.
Events company UBM (UBM) gains 2.7% to £10.25 as the UK Competition and Markets Authority will not be investigating publisher Informa (INF) to acquire the company. Informa’s share price is also up 1.8% to 782p on the same news.
On the AIM market, aviation company GAMA Aviation (GMAA:AIM) glides up 3% to 226.5p on confirming the extension of its seven-year contract with Scottish Ambulance Services. The contract has been extended by three years and is worth around £50m over that period.
