Having closed yesterday’s session above 7,500 for the first time, the FTSE 100 pauses for breath early on, creeping 1.53 points higher to 7,524.
Zotefoams (ZTF), the lightweight foam sheet material specialist, firms 6.9% to 310p on news of record first quarter sales and a confident outlook statement from CEO David Stirling. Croydon-headquartered Zotefoams says its new US facility in Kentucky will start-up around the end of the third quarter, boosting its global capacity by roughly 20%.
Cyber security firm Sophos (SOPH), in demand with investors following the globally-coordinated ransomware attack, skips 8.7% higher to 401.8p on forecast-busting full year results showing exceptionally strong cash flow growth.
Given increased earnings visibility, CEO Kris Hagerman also issues a positive outlook, expressing ‘confidence in delivering sustainable growth in billings and profitability over the longer-term’.
Logistics group Wincanton (WIN) extends its recent winning run, marked up another 9.75p to 284.25p on solid full year results. These reveal better than expected operating profit, up 7% year-on-year to £52.1m and an improved net debt position.
Wincanton assures investors it has seen no significant negative impact following the Brexit vote and continues to ‘perform robustly’.
Heading south despite good annual numbers is British Land (BLND), the property investor cheapening 8.5p to 665.5p. Underlying profits rose by 7.4% to £390m in the year to March but the group is operating in an uncertain environment which is likely to continue for some time.
Housebuilder and urban regeneration specialist Countryside Properties (CSP) is bid up 4.5% to 305p as it upgrades its outlook for this year and next. Countryside’s revenue rose almost 40% to 435.4m in the six months to March and the company carries positive momentum and a record order book into the second half.
Industrial threads manufacturer Coats (COA), one of the few survivors of the Financial Times’ original 1935 FT30 stock index, clips ahead 6.9% to 66.25p on news full year profits should beat management’s prior expectations. This follows a strong start to the year from its apparel and footwear and performance materials businesses.
Investors also have appetites for Patisserie (CAKE:AIM), the branded cafe and casual dining group improving 4.7% to 335p on tasty half year results showing growth across key metrics.
Well-followed chairman Luke Johnson highlights growth in sales and profit and excellent cash conversion ‘despite the challenging market conditions and the current inflationary environment’ and says expansionist Patisserie is on track to open 20 new stores by the year-end.
