果冻传媒

Premier Foods (PFD) delivered increased profit and lower debt in its first half, despite hot summer weather hitting its grocery sales.

For the six months to 27 September, revenue was flat at 拢502mn as a 2 per cent uplift in branded revenue was stymied by a 12 per cent sales decline for its smaller non-branded portfolio.

Branded sweet treats such as Mr Kipling Breakfast Bakes, Cadbury Caramel Mini Rolls led the way, with management describing its innovation programme as 鈥渋nstrumental鈥� to category growth of 9 per cent. Total grocery revenue, which includes products such as gravy and cooking sauces, was down 2 per cent.

Pre-tax profit was 19 per cent higher at 拢63.4mn, helped by lower selling, marketing and distribution and administration costs. Net debt was down 6 per cent to 拢207mn.

Defence group QinetiQ (QQ) reported in-line interim results, despite what chief executive Steve Wadey described as 鈥渢ough near-term market conditions鈥�.

Pre-tax profit fell by a third to 拢57.3mn, dragged down by 拢23mn of restructuring charges, with the sale of its Federal IT business in the US meaning revenue fell by 3 per cent.

Buybacks meant underlying earnings were flat, though, and although it faced some disruption as the UK government finalised its latest Strategic Defence Review, it achieved a record order intake of 拢2.4bn, bringing the size of its order book to 拢4.3bn at the end of September 鈥� a 拢1.4bn increase on the same period last year.

Qinetiq鈥檚 shares rose by 3 per cent.

Shares in Wizz Air (WIZZ) jumped 12 per cent this morning after the airline operator posted stronger than expected operating and net profits for the first half of the year, though the latter was mainly driven by foreign exchange gains.

Revenue was broadly in line with consensus, rising 9 per cent year on year to 鈧�3.3bn, with growth mainly driven by higher demand and more capacity (the airline flew more kilometres overall). Operating profits climbed 26 per cent to 鈧�439mn, while net profit rose 2.6 per cent from a year earlier to 鈧�324mn.

Revenue per unit of capacity (RASK) barely changed, up just 0.1 per cent. However, total cost per unit (CASK) fell 2 per cent year on year, helped by lower fuel, disruption and wet lease costs.

Wizz Air expects to keep growing capacity by about 10 per cent in the second half, fly slightly fuller planes and hold costs broadly steady for the year, but revenue per seat is set to fall in the low single digits.

Read more on Wizz Air here

Aviva (AV.) shares slipped 5 per cent in early trading despite the insurer鈥檚 confirmation it鈥檚 on track to hit 2026 targets a year early, as investors pored over the group鈥檚 third-quarter update and new three-year financial goals.

For the third quarter to 30 September, general insurance premiums rose 12 per cent to 拢10bn and wealth net flows improved 8 per cent. However, retirement sales were down 27 per cent amid stiff bulk purchase annuity (BPA) competition.

Management announced it plans to restart share buybacks next year. It also raised its cost synergy target from the Direct Line deal to 拢225mn.

New group targets are for operating earnings per share growth of 11 per cent between 2025 and 2028 on a compound annual growth rate basis, a return on equity of more than 20 per cent by 2028 and cumulative cash remittances of more than 拢7bn over the period.

Despite the slip, Aviva shares are up 40 per cent this year.

WH Ireland (WHI) shares jumped more than 80 per cent in early trading after the Aim-traded wealth management business confirmed it had received a takeover proposal from Team (TEAM).

Jersey-based wealth manager Team has proposed a possible all-share offer at an exchange ratio of 0.195 Team shares for each WH Ireland share.

The news came after WH Ireland shareholders last month voted down the proposed sale of the wealth management division to Oberon Investments and the associated delisting of the group鈥檚 shares from Aim.

WH Ireland shares are down more than 90 per cent over five years.

Shares in Persimmon (PSN) rose 3 per cent in early trading after the housebuilder reported a more positive outlook in its trading statement than peer Taylor Wimpey (TW) yesterday. 

Specifically, the company鈥檚 net private sales rate per outlet per week, a key measure of activity, rose 3 per cent year on year to 0.63 (excluding bulk deals). Its forward sales book jumped 15 per cent to 拢2.1bn.

Management said Persimmon is on track to hit its 2025 home completions guidance of between 11,000 and 11,500, and expects to deliver profits before tax in line with consensus expectations of 拢429mn.  

鈥淧ersimmon鈥檚 multi-pronged strategy is hitting its multiple marks and Persimmon is looking like a housebuilder for all seasons,鈥� said Anthony Codling, analyst at RBC Capital Markets.

Spirax (SPX) said trading was in line with expectations for the four months to the end of October. Although organic growth in its steam business was flat, other divisions reported an improvement in sales as activity from customers in both the biopharma and semiconductor markets picked up.

The company reiterated full-year guidance that organic sales should grow at a similar pace to the 3.4 per cent achieved last year, while its adjusted operating margin should be ahead of the currency-adjusted margin (of 19.4 per cent) achieved last year. The shares rose by 3 per cent.

Lords Trading Group (LORD) has warned uncertainty over the upcoming Budget, and speculation over potential property tax reforms, is holding back demand and delaying a recovery in its core markets.

Shares in the building materials distributor slumped 25 per cent in early trading after reporting weak underlying performance in key divisions for the four months to 31 October, especially in its plumbing and heating (P&H) business.

Group revenue was up about 9.6 per cent 鈥� helped by the acquisition of online construction product retailer CMO this summer 鈥� but like-for-like revenues in the P&H division were down 8.3 per cent year on year.

The company said it had not 鈥測et experienced a significant increase in P&H demand as it has entered the historically seasonally strong autumn and winter months鈥�. The merchanting arm fell 1.8 per cent, but still improved gross margins by 50 basis points.

Lords Trading expects to report full-year revenue of between 拢480mn and 拢485mn, up about 10 to 11 per cent year on year from 拢437mn in 2024, and adjusted Ebitda in the range of 拢20mn and 拢21mn, down from 拢22mn a year earlier.

Burberry (BRBY) reported quarterly sales growth for the first time in nearly two years after a 2 per cent increase in its second quarter, in a sign that its turnaround may be working. The company experienced 3 per cent growth in China and the Americas, with growth in Europe softer at 1 per cent.

The fashion house also reported first-half earnings for the six months ended September. Its adjusted operating profit of 拢19mn was superior to last year鈥檚 拢41mn loss. Revenues fell 3 per cent to 拢1.03bn.

The company cautioned that it is in the early stages of its turnaround but guided for continued margin improvement. Consensus expects full-year operating profit to hit 拢142mn.

鈥淢y belief in this extraordinary British luxury house is stronger than ever鈥e now have proof points that Burberry Forward is the right strategic path to restore brand relevance and value creation,鈥� said chief executive Joshua Schulman.