The FTSE 100 index is down 19 points to 7,249.23 reversing the gains it made yesterday following a mixed session in Asian markets as trade war worries continue to persist.
The UK’s largest supermarket Tesco (TSCO) is up 4% to 218.4p on revealing a 28.4% rise in operating profits to £1.6bn. For its year ending 28 February, the company’s sales rose to £51bn a 2.3% increase on the prior year. Like-like sales also increased by 2.2% and Tesco also reduced its net debt by £1.3bn down to £2.6bn.
FTSE 250 staffer PageGroup (PAGE) drops 2% to 539.5p on reporting its first quarter profits for the UK had declined by 7.1% on a year-on-year basis. As a whole, the global company’s profits increased 10.3% to £170.2m with EMEA being the standout region, growing 20.4% to £94.7m.
Online retailer ASOS (ASC:AIM) declines 10.3% to £63.08 as it shows that it has been spending more cash on infrastructure such as warehousing. Its cash position has been reduced by 73% to £37.7m as a result. Its results for the six months to 28 February show a 10% rise in pre-tax profits to £29.9m, with revenue up by 27% to £1.16bn
Used car specialists BCA Marketplace (BCA) shifts up 9.7% to 179.2p after updating the market that it has traded ahead of market expectations with ‘strong profit growth’. The company runs website webuyanycar.com which it believes is the market leader in its sector.
High tech products provider Oxford Instruments (OXIG) gains 4.7% to 832p after saying it expects a ‘strong’ reduction in net debt for its financial year ending 31 March. The company also states that its performance will be in line with market expectations supported by a growing order book.
Troubled support services company Interserve (IRV) drops 6.7% to 77.9p on setting the date it will ask shareholders to increase the borrowing limits contained with the company’s articles. It will also be asking to ratify any possible existing breach of the borrowing limit.
Retirement homebuilder McCarthy & Stone (MCS) is down 2.8% to 133.3p as its results show a reduction of completed properties for its half year. In the six months ending 287 February the company’s pre-tax profits are down 50% to £10.5m and its debt position has increased by £45.5m to £75.9m.
Structural steel specialist Severfield (SFR) strengthens by 1.5% to 74.6p after stating in its pre-close statement that its performance is inline with upwardly revised expectations. The company has a cash position of about £33m and its UK order book stood at £242m on 1 April. Its Indian business’ order book was £65m at 1 April and the company says the division continues to ‘perform well’.
