Updates from Hiscox, Intertek and Keller Group

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savings, tax, stockmarket, pensions, cash, investment FTSE 100, Hiscox, Intertek, Keller Group
savings, tax, stockmarket, pensions, cash, investment FTSE 100, Hiscox, Intertek, Keller Group


The FTSE 100 managed to hang onto much of the week's gains on Friday, down by just 3 points to 6,946.6. BA and Iberia owner IAG saw its shares surge again, up 3.6% to 580p while Primark owner ABF shares pushed 2.5% ahead to 3125p. RBS shares however fell more than 5%, to 367p, following its 2014 £3.5bn write-down (its seventh year of consecutive year of losses).

Across the water the Dow Jones slipped more than 80 points to 18,132.7 on US economic growth fears, ending the week down 7.7 points.

We start with final 2014 numbers this morning from safety services Intertek Group. Revenues slump 4.2% to £2,093.3m while operating profit is down 5.3% to £324.4m. At constant currency, revenues were up 2.3%, including acquisitions (which added 2.9%).

A dip in Industry & Assurance revenues includes the exit from low-value contracts and reductions in oil and gas capex infrastructure project work, claims Intertek; Food & Agriculture and Business Assurance grew strongly it says.

"Intertek delivered solid growth in its product-related businesses in 2014," says boss Wolfhart Hauser. "However, we saw continuing headwinds in the oil and gas capex and mining sectors, and the effect of our strategic exit from certain low-value Industry contracts."

Next, preliminary full-year numbers from insurance giant Hiscox. Pre-tax profits slip from £244.5m to £231.1m while gross premiums written rises from £1,669.5m to £1,756.3m. Earnings per share climbs from 66.3p to 67.4p.

Hiscox however claims strong premium growth in insurance of 8.8%, including 24.1% for Hiscox USA with record profits in Hiscox UK and Europe of £73.3 million (2013: £56.4 million).

"We have been able," says chief exec Bronek Masojada, "to grow profitably in insurance and position Hiscox Re sensibly, reducing premiums and attracting new capital in the face of tough conditions".

Lastly, engineering player Keller Group. For the full year Keller - it recently won a €31.2m contract for the new Koralm railway between Graz and Klagenfurt - claims record revenues of £1,599.7m (2013: £1,438.2m), up 11%; operating profit is upped 18% to £92m, despite an adverse currency impact of £9.3m.

Operating margin is raised to 5.8% (2013: 5.4%) while profit before tax is increased to £85.1m (2013: £74.1m). Keller's total dividend per share climbs to 25.2p (2013: 24.0p), an increase of 5%.

"The gradual," says boss Justin Atkinson, "upturn in the US, our largest market, the continuing improvements in our operating performance and our strong order book mean that the Group is set for another year of good progress in 2015."

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