FTSE 100 paper and packaging company Mondi (MNDI) drops 6.6% to £19.51 after saying full year profit will come in below expectations. The company blames cost pressures and adverse currency conditions for the forecast drop in earnings.
Another FTSE 100 company, medical device maker Smith & Nephew (SN.) ticks up 2.9% on media reports that activist hedge fund Elliott Management is building a stake in the UK company. There was a shareholder rebellion over executive pay at the company’s annual shareholder meeting last year so the stage seems set for Elliott to make an entrance.
Recruitment agency PageGroup (PAGE) sheds 3.5% to 507p on revealing its UK profit is down 7.6% to £34.9m on a year-on-year basis. The UK makes up for around a fifth of the business.
Home furniture retailer Dunelm (DNLM) beds in a 6% rise to 742.75p on showing a 24.8% hike in revenue in its first quarter to 30 September on a year-on-year basis. The growth is aided by the company’s online presence which saw a 46.2% rise to £19.9m on a like-for-like basis.
Aerospace and defence company Ultra Electronics (ULE) is up 1% to £18.42 after winning a contract worth £9m with Heathrow Airport. This is the fourth time the firm has won a contract from Heathrow involving its baggage management system.
Female fashion company Quiz (QUIZ) is up 1.6% to 190p on revealing a 35% increase in first half to 30 September revenue to £56.1m on a year-on-year basis. The company’s gross margins remain in line with expectations.