Updates from Royal Mail, PZ Cussons and Croda
A slight 13-point rise for the FTSE 100 on Monday taking it to 6,788.6. SportsDirectInternational was the biggest winner, up 3.4% to 772.50p while Sainsbury's shares also were helped higher, climbing 2.1% to 272.30p. Travel player TUIAG was also up, rising 1.8% to 1122p. Going in the opposite direction of travel was miners (again) with RandgoldResources taking a 4.6% thump; Fresnillo was down 4.4%.
In the US, there was a 14-point climb to 18,100.4 with Visa up 2.6% and tech stocks faring well generally. However gold slumped to its lowest level for five years, at one point hitting $1,072.3 an ounce.
We start with a trading update from Royal Mail. Trading for the three months to 28 June was in line with expectations with Group revenues flat but UK Parcels volume up 3%. Parcel performance in part reflects a relatively weak comparative period last year says the Royal Mail.
There is much more of a let down though from UK Letters with revenues down 4%. Addressed letter volumes dip 5% admits Royal Mail though it did benefit from UK election mail-outs.
"Our trading environment," says chief exec Moya Greene, "remains challenging and we are stepping up the pace of change to drive efficiency, growth and innovation, while maintaining a tight focus on costs."
We move onto final numbers from Original Source and Carex makerPZ Cussons. PZ claims revenue and operating profit growth of 2.3% and 2.7% on a like-for-like basis. Its critical market, Nigeria, saw underlying revenue and operating profit growth.
However revenues overall slip almost 5% to £819.1m compared to £861.4m a year ago while on-paper operating profit is down 1.7% to £114.4m.
"The Board," says chairman Richard Harvey, "is pleased to declare a further increase in the full year dividend, marking 42 consecutive years that we have increased our dividend year-on-year, every year.
Finally, specialty chemicals operator Croda has issued six-month numbers: H1 2015 sales are up 5.2% reflecting growth in all sectors and all regions it claims with Q2 performance ahead of Q1.
Adjusted pre-tax profit comes in at £135.7m (2014: £125.3m), up 7.3%. It claims solid momentum in Personal Care with strong margin allied to "excellent growth" in Life Sciences, up almost 15%. The interim dividend is upped 5.1%.
"The recovery," says chairman Martin Flower, "in underlying sales trends, which began in the second half of last year, has continued to strengthen, operating margin has remained strong and pre-tax profit has increased over 8%."
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