London’s FTSE 100 bounces back with a 92.8 point rise to 7,127 on Thursday, taking its cue from a strong finish to a volatile trading session on Wall Street last night.
Oxford-based cyber security company Sophos (SOPH) rallies 17% to 486p on the news billings growth for the year to March will be towards the top end of the previously guided 20-22% range following a stellar fourth quarter.
Industrial distribution company Electrocomponents (ECM) sparks up 3.4% to 598p on news full year profit before tax will be ahead of expectations, driven by continued strong sales growth and a better than expected gross margin performance in the twelve months to March.
Revenues in Rank’s Mecca and Grosvenor venues fell in the 13 weeks to 1 April, weaker than expected visits compounded by cold weather, and the gaming group downgrades full year operating profit guidance to a £76m-to-£78m range.
Logistics leader Wincanton (WIN) accelerates 5.6% higher to 223p on a reassuring full year trading update, highlighting an excellent performance during the Christmas peak and recent contract wins with Wickes, Ikea and Aggregate Industries.
Luxury interior furnishings firm Walker Greenbank (WGB:AIM) cheapens 5.2% to 126.5p despite posting robust full year results, with underlying profit before tax rising more than 20% to £12.5m in the 12 months to January. The drop reflects a warning current year profits will ahead of last year’s ‘but below current board expectations’, brand sales down in a difficult UK market, and overseas, in the first nine weeks.
Flavour and fragrance specialist maker Treatt (TET) sweetens up 4p to 410p, shrugging off news of a £200,000 first half currency hit to profits. Treatt continued to perform well in the half to March, strong sales momentum continuing and full year profit before tax will still meet market expectations, whilst flagging a material cut in its overall tax bill following Donald Trump’s recently enacted tax reforms across the pond.