Updates from Aberdeen Asset Management, Greene King and Just Eat
Friday saw the FTSE 100 lift 25.3 points to 6,985.9 with Lloyds soaring more than 7% to 82.8p and AngloAmerican climbing 5.4% to 1165p. Rio Tinto and BHP Billiton also took strong gains, up 3.9% and 3.0% (to 2997p and 1607p). The biggest fallers were Aberdeen Asset Management and Hargreaves Lansdown, (down 2.5% each to 463.1p and 1199p).
Stateside yesterday the Dow Jones lifted more than 46 points taking it to 18,070.4 helped by new data revealing a surge in factory orders.
The big news this morning is a half-year trading update fromAberdeen Asset Management. Revenues are up 20% to £605.2m while underlying profit before tax come in at £270.2m, up 25%. The operating margin climbs to 44.7 % (2014: 43.0%).
However Aberdeen's net new business saw £11.3bn being taken out, "which reflect changes in asset allocation," says the company, "driven by macro-economic factors and some structural outflows from certain clients".
The 25% lift in underlying profits benefited from the effects of the Scottish Widows Investment Partnership acquisition, which Aberdeen Asset Management completed a year ago.
We nip intoGreene King next for a trading update for the 51 weeks to 26 April. Retail like-for-like (LFL) sales climbed 0.4% though Greene King says this would have lifted 0.8% without the impact of Scottish drink-driving regulations. Easter LFL sales are up 2.4% and there was record Valentine's Day sales of £4m.
Greene King Retail total sales growth after 51 weeks was 6.3%. Metropolitan LFL sales comfortably outperforming the sector within the M25. But the second half of the financial year, however, has been tougher than the first half it warns.
"As anticipated at the interims, we saw a moderation in the decline in Retail margins over the second half of the year and anticipate these to be down 40 bps for the year," says the pubs player.
Lastly, takeaway food player Just Eatsays Q1 total orders increased 51%. On a like-for-like basis orders were up 47%. These numbers includes orders from its French business consolidated from July 2014 and from its Mexican business, acquired in February 2015.
"The team," says boss David Buttress, "has worked very hard in all our markets to achieve these results. I am also pleased to see the continued shift of consumers to the ease and convenience of ordering food through JUST EAT's apps and websites."
Jefferies Group recently reaffirmed their Buy rating on the stock.
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