London’s FTSE 100 opens 19.8 points higher at 7,516 with the FTSE 250 marked up 65.2 points to 19,978, although trading is inevitably overshadowed by last night’s terror attack in Manchester.
Home emergency cover and repair specialist Homeserve (HSV) trades 12.7% higher at 791p on better than expected full year results. These show strong momentum across the group and a record performance in North America, where the acquisition of Utility Service Partners has accelerated Homeserve’s progress.
Sausages, pork and poultry supplier Cranswick (CWK) fattens up 34p to £28.59 as tasty full year results trigger another round of earnings upgrades.
Pre-tax profits are up more than 17% to a better than expected £75.5m, despite some short-term margin pressure from a strongly rising UK pig price. Cash generative Cranswick hikes the total dividend 17.6% to 44.1p, the 27th continuous year of increased shareholder rewards.
Also in demand is food sector peer Greencore (GNC), the sandwiches-to-salads maker marked up 7% to 243p on nourishing first half figures. Greencore’s UK food-to-go business is growing rapidly, while the acquisition and integration of Peacock Foods has transformed its business in the US.
Dublin-based UDG Healthcare (UDG), which offers outsourced commercialisation services to healthcare sector clients, improves 5.1% to 805p as half year results confirm another strong performance with guidance for the full year increased.
Bonding materials specialist Scapa (SCPA:AIM) skips 18.75p higher to 450p on stellar full year results highlighting a strong performance in the second half of the year.
Severn Trent’s (SVT) shares rise 22p to £24.70 following an increase in full year pre-tax profit and turnover. Sewer floodings were down by 21% and the group further reduced both supply interruptions and leakages.
Home improvement retailer Topps Tiles (TPT) tumbles 5.5p to 97.5p on disappointing interim results and a warning full year pre-tax profit is likely to be at the lower end of expectations. Trading over the first seven weeks of the second half has remained challenging with like-for-like sales down 5.8%.
Also heading south is computer-aided design and manufacturing software specialist AVEVA (AVV), investors unimpressed with the rate of growth highlighted by full year results and with AVEVA conceding the timing of a full recovery in demand in its important oil & gas market is uncertain.
Construction industry claims and dispute management specialist Driver (DRV:AIM) ticks 7.5% higher to 50p. Interim results confirm a dramatic turnaround with a swing into profit and the balance sheet stabilised with the help of a recent £8.5m fundraising.
