Markets are ending the week on a positive note with the FTSE 100 up 0.5% to 7,112 and the FTSE 250 up 0.6% to 19,290 after a big rebound in China’s manufacturing PMI survey boosted sentiment.
For more on PMI surveys and their importance for investors, see here.
New boss Mark Read is forecasting a 1.5% to 2% drop in like-for-like revenues for this year as he tries to steer the company back on track.
‘As we have said, 2019 will be challenging – particularly in the first half – due to headwinds from client losses in 2018’ said Read.
After a 40% fall in the share price last year, bargain-hunters are out in force and the stock rallies 7% to 885p to top the FTSE 100 leader board.
Revenues were up 9% last year to £2.14bn while operating profits rose 15% to £931m but spending on systems and a £30m provision for laying off 250 staff will crimp returns this year.
After a strong run since the start of the year the shares give back some ground to trade down 2% at £44.40.
While UK net fee income was up 7% it was Europe (up 24%) and Asia (up 13%) which drove the company’s performance, generating a 19% rise in operating profits.
Fees were up 1% to £396m even though AUM were £7.5bn lower due in part to net outflows of £4.6bn.
On the plus side good investment performance means that over three quarters of Jupiter’s fund now boast above-average returns for the last three years.
Going the other way is wealth manager Man Group (EMG) with shares down 5% to 131p as the firm reports a more than 50% fall in performance fees and a $7.7bn fall in the value of its investments last year due to choppy markets.
Shares in bookmaker William Hill (WMH) are also weaker, down 2% to 183p after it reported a small drop in revenues and adjusted operating profits last year.
Turnover was 2% lower at £1.6bn while operating profits were 3% lower at £267m as the firm delivered a strong underlying performance during what was a turbulent year for the UK gambling industry.