Updates from Cranswick, Tullow Oil and Kentz
The FTSE 100 lifted 46 points on Friday ending at 6,695.55. CRH was the biggest riser, up 4.04% to 1775p with RSA Insurance right behind, up 3.46% to 94.15p. ARM Holdings saw the greatest investor pressure, down 2.92% to 996p.
The Dow Jones however tumbled almost 1% to 16,412 as tech stocks, including Google and Netflix, dropped sharply. %VIRTUAL-SkimlinksPromo%
We commence with a trading update from Cranswick for the year up to 31 March. Underlying sales increased by 12 per cent and total sales for the year were 13 per cent higher after taking into account the contribution from acquisitions.
Strong growth was seen across most product categories, particularly fresh pork cooked meats. Pastry sales continue to grow strongly following the launch of product ranges during the year, Cranswick claims.
Cranswick hiked the size of its banking facility, with unsecured facilities of £120 million "which provide generous headroom through to July 2018," the company claims.
Next, FTSE 100 player Tullow Oil says it has refinanced its US$500 million corporate revolving credit facility, upping the size of the facility to US$750 million to April 2017.
"We have taken advantage," says chief financial officer Ian Springett, "of currently strong debt markets to increase our bank commitments, further diversify our sources of funding and extend the maturity of our debt."
Tullow recently was upgraded by UBS from Neutral to Buy on the back of a better risk/reward profile. Exec director Paul McDade recently topped up, buying 100 shares at 749p. Tullow shares currently sell for 800p.
Lastly, Kentz Corporation says it has won a AUS$615m (US$570m) contract to Australian subsidiary for the Electrical and Instrumentation (E&I) construction packages for the Ichthys Project Onshore LNG Facilities in Darwin, Australia.
This contract was awarded by JKC Australia LNG Pty Ltd (JKC), a joint venture between JGC Corporation, KBR and Chiyoda Corporation.
"This award," says Kentz's Michael Murphy, "which provides visibility to 2017, further strengthens our position in the Australian LNG market and extends our relationship with JKC through the development of this important asset."