The FTSE 100 ends the week by opening down by 44 points to 7,697.7. The index seems to be following US and Asian markets with US sanctions on Russia impacting investor sentiment. All eyes will be on the UK’s second quarter GDP figures which are due out shortly.
In a quiet day for corporate news on the main market, deep fat fryer franchise company Filta (FLTA:AIM) rises 9.1% to 229p on releasing a confident pre-close update. The company says that revenue and profit for the first half of 2018 are in line with management expectations and the acquisition and sale of its refrigeration business has led to higher gross margins and improved profitability.
Specialist international benefits insurance company GBGI (GBGI:AIM) ticks up 5.6% to 104p after saying that it expects full year gross written premiums and net income to be in line with expectations. Its first half premiums have risen and is has continued to grow year on year across its diverse product line and geographical footprint.
Satellite communications company Global Invacom (GINV:AIM) gains 8.3% to 6.5p on release of some decent first half results. In the six months to 30 June, the company announced its sixth consecutive month of profitability, improved its profit margin by 60 basis points to 21.2% and bolstered its cash and equivalents to $13.4m, up from $7.2m at 31 December 2017.
Surgical wound care and closure products company Advanced Medical Solutions (AMS) is up 1.5% to 356.25p as US regulator the FDA approves two of its products. The company has received approval for its Surgical Silver Post Operative Dressing and PHMB Foam Dressing. These products allow the company to offer clinicians advanced woundcare dressings that help prevent infection and aid healing of chronic and high risk surgical wounds.
Broadcasting and photographic products company Vitec (VTC) drops 1.9% to £12.75 despite profits rising 20% in its first half following the Winter Olympics. The company also hiked its interim dividend by 11% to 11.5p year-on-year although the market may have been expecting more following last year’s restructuring of the company.
Intellectual property business developer IP Group (IPO) gains 0.9% to 121.1p on news that it has completed the £65m financing of its portfolio company Artios Pharma. Artios is a DNA Damage Response company that is involved in developing new treatments for cancer.