(Alliance News) - The following stocks are the leading risers and fallers within the main London indices on Tuesday.
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FTSE 100 - WINNERS
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Intermediate Capital Group, up 7.3%. The asset management company raised its payout and reported profit growth of nearly a third during a strong first-half. Assets under management at September 30 were EUR46.10 billion, a 1.8% improvement from EUR45.30 billion at the end of March and a 12% leap year-on-year. Intermediate Capital noted it raised EUR2.6 billion of new money during the period. Pretax profit in the six months to September 30 jumped 29% annually to GBP197.8 million from GBP153.4 million. In the fund management arm alone, pretax profit was 5.6% higher year-on-year at GBP89.8 million from GBP85.0 million. Intermediate Capital raised its interim payout by 13% to 17.0 pence per share from 15.0p.
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Imperial Brands, up 5.0%. The tobacco firm reported sharply higher profit in its recently ended financial year, amid higher revenue and a prior year Premium Cigar division impairment. Revenue in the financial year to September 30 rose 3.1% to GBP32.56 billion, and pretax profit increased 28% to GBP2.17 billion from GBP1.69 billion. The company reported a GBP147 million impairment of goodwill and equity investments in its Premium Cigar division in financial 2019, with no such impairment in financial 2020. The Premium Cigars business was sold back in October, with proceeds used to reduce debt. Adjusted pretax profit was GBP3.14 billion, down 6.0% from GBP3.34 billion the year before. Net revenue was GBP7.99 billion, down 0.1% at actual currency from an adjusted GBP8.00 billion in financial 2019, but up 0.8% at constant currency. Imperial's dividend was chopped by a third to 137.7 pence from 206.6p, in line with a rebasing set out in May.
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FTSE 100 - LOSERS
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Vodafone, down 2.7%. The telecommunication firm announced the 2021 financial year guidance for its soon-to-be listed Vantage Towers arm. Vodafone Vantage Towers is a mobile tower owner focused on Europe. London-listed Vodafone expects Vantage Towers to float early in calendar 2021 on the Frankfurt Stock Exchange. Vodafone said Vantage Towers plans to have a payout ratio of 60% of its recurring cash flow. "Vantage Towers is well positioned to benefit in each of its markets from the compelling structural growth drivers of increasing data usage, 5G roll-out and coverage obligations. The company is a commercially driven business with a clear strategy to increase tenancies and deliver growth by leveraging its comprehensive capabilities." Consolidated revenue, excluding pass through, is expected to be between EUR955 million and EUR970 million in financial 2021, up from EUR945 million in financial 2020. Vantage Towers recorded revenue of EUR479 million by the same measure in the first half. Recurring free cash flow is expected to be between EUR375 million and EUR385 million, up from EUR373 million last year. RFCF was EUR190 million in the first half.
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FTSE 250 - WINNERS
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Aggreko, up 3.5%. The power generator rental firm said it is "encouraged" by increased levels of activity and expects to deliver full year pre‑exceptional pretax profit at the upper end of its guided range of GBP80 million to GBP100 million. "Based on our current assumptions of a continued gradual economic recovery, a relatively stable oil price, the Tokyo Olympics proceeding as planned at an increased overall contract value, and the resumption of the Group's all-employee annual performance bonus scheme, we expect to deliver profit before tax in 2021 in the range GBP170-190 million," said Aggreko.
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FTSE 250 - LOSERS
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SSP Group, down 6.1%. Morgan Stanley cut the operator of food and beverage concessions in travel locations to Equal Weight from Overweight.
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WH Smith, down 2.6%. RBC cut the stationery and books retailer to Sector Perform from Outperform.
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easyJet, down 1.8%. The low-cost airline posted its first annual loss in its 25-year history as the coronavirus crisis grounded its fleet and hammered demand for travel. Total revenue in the financial year to the end of September fell 53% to GBP3.01 billion, with passenger numbers down 50% to 48.1 million. The low-cost airline swung to a pretax loss of GBP1.27 billion from a profit of GBP430 million the year before. The headline pretax loss was GBP835 million, turning from a GBP427 million profit. easyJet grounded its entire fleet for 11 weeks during the national lockdowns seen in the spring to early summer, as governments across the globe tried to halt the spread of Covid-19. "Whilst there was some recovery in demand as travel restrictions eased during the summer, widespread quarantine measures introduced in September once again eroded demand and consumer confidence to travel," the firm noted.
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By Lucy Heming; lucyheming@alliancenews.com
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