The FTSE 100 is down 0.3% to 7,257.55 as sterling strengthens against the dollar, impacting the 70% of the index’s constituents that earn their revenue overseas.
Equipment rental company Ashtead (AHT) ticks up 4.3% to £23.77 after releasing its first quarter results. For the three months ending 31 July, underlying rental revenue is up 19% to 961m while pre-tax profits improve 23% to £285.6m. The company’s earnings per share is up 46% to 44.8p all on a year-on-year basis.
Audio visual distribution company Midwich (MIDW) is down 3% on announcing its half year results. The company’s revenue in the six months to 30 June is up 25% to £264.1m with pre-tax profit improving 48% to £11.9m. Its gross profit margin has improved by 0.9% to 16.2% all on a year-on-year basis. For a company with a history of strong growth, investors may have been wanting a stronger showing.
Speciality chemicals company Elementis (ELM) is down 4.5% to 241.4p after announcing revised terms for its acquisition of talc producer Advent Mondo. Under the new terms, Elementis values Mondo at $500m, previously $600m although will pay earn-out payments of $53m if Mondo hits certain performance targets over a three financial year period.
Business advisory firm K3 Capital (K3C:AIM) gains 12.2% to 367p as its final results show significant growth for the company. For its year ending 31 May, its revenue is up 53% to £16.5m, while pre-tax profits improve 103% to £7.3m. The company’s net cash position has also grown exponentially, up 121% to £7.5m, with earnings per share increasing 114% to 14.1p. K3 has also hiked its dividend by 56% to 11.25p.
Video game company Team 17 (TM17:AIM) gains 2.2% to 230p after releasing its maiden results since listing in May. The company’s revenue is up 48% to £15.4m with adjusted earnings before interest tax depreciation and amortisation up 36% to £4.9m. Team 17 has also moved into a net cash position of £13.4m from net debt of £37.5m all on a year-on-year basis.
Intellectual property services company Murgitroyd (MUR:AIM) gains 7.5p to 732.5p as its preliminary full year results show underlying pre-tax profits up 7% to £4.1m. However, its revenue is slightly down on the previous year to £43.9m, compared to £44.3m in 2017. The company has increased its cash position to £3.03m from £2.54m the prior year.
Lettings agent Belvoir (BLV:AIM) is up 3.4% to 108p on reporting a 19% increase in revenue to £6.1m for the first half of the year. For the six months to 30 June, the company saw a 66% increase in pre-tax profits to £2.9m with basic earnings per share up 68% to 6.9p.
Domino’s pizza franchisee company DP Eurasia (DPEU) gains 5.9% to 90p after its half year results show a 32.2% increase in revenue to 380.2m Turkish lira. The company enjoyed like-for-like growth of 10.9% in Turkey and 18% in Russia all on a year-on-year basis.