With the blue chip benchmark opening lower ahead of the Queen's Speech, FTSE 100 constituent Whitbread (WTB) is marked up 5.1% to £40.48 on news of a good start to the year with sales growth of 7.6%. An encouraging first quarter trading update highlights positive, albeit slowing, like-for-like sales at Costa Coffee and robust growth at hotel chain Premier Inn.
London and South East-focused housebuilder Berkeley (BKG) improves 2.4% to 333.05 on stellar full year results revealing a 53% pre-tax profit surge to £812.4m.
Tony Pidgley-chaired Berkeley also reiterates previous guidance of delivering at least £3bn of pre-tax profit in the five years beginning 1 May 2016, assuming prevailing market conditions persist, supported by its strong forward orders and land bank.
Provident Financial (PFG) slumps 15.3% to £24.28 after issuing a profit warning last night, the earnings alert blamed on operational disruption in its consumer credit division.
British Gas-owner Centrica (CNA) ticks 4.1p higher to 206.2p after selling its Langage and South Humber Bank gas-fired power stations to European power generator EPH for £318m in cash.
Luxury interior furnishings maker Walker Greenbank (WGB:AIM) cheapens 4.5p to 196p despite a positive annual general meeting (AGM) update.
Investors are perhaps disappointed by the absence of upgrades, although the good news is brand sales were up 4.5% in the first four-and-a-half months of the financial year with Europe and the USA outperforming the UK and Walker’s licence income continues to perform strongly.
Toy train maker Hornby (HRN:AIM) races 11.2% higher to 34.75p despite reporting a widening in underlying pre-tax losses on lower sales for the year to March. The big news is the Phoenix UK Fund has made a mandatory cash offer for Hornby under the City’s takeover code, its acquisition of shares from New Pistoia Income (NPIL) taking largest shareholder Phoenix Asset Management’s holding in Hornby to 55.2%.
Also in demand is Braveheart Investment (BRH:AIM), bid up 13.3% to 17p as CEO Trevor Brown reports a swing into profit for the year to March.
