Updates from Regus, Kentz and Antofagasta

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Before the bank holiday weekend the FTSE 100 closed almost eight points down on the week at 6,492. It was 45 points up on Thursday with the biggest riser being Croda International, up +4.29%.

Some Middle East nervousness have helped depress Asia stocks with the Nikkei 225 down -0.77% overnight at 13,531 while the Hang Seng slumps -0.81% to 21,826.
We commence the bank holiday-curtailed week with a half-year financial update from miner Antofagasta. Revenue is -12.1% lower, at US$2,777.4 million, not helped by the price of copper falling -6.8% and realised copper prices falling by -15.5%.

EBITDA slumps -31.2% to US$1,275.5 million, with increased production offset by the decrease in realised copper prices says the company, and the increase in net cash costs mainly due to higher pre-credit costs and lower by-product credits.

"With new copper supply coming online during the remainder of this year and demand growth largely dependent on the economies of China and the United States, the pricing environment for copper," warns boss Diego Hernandez, "is expected to remain challenging."

Next, office player Regus reports six month numbers up to 30 June. Group revenue increases +20.8% at constant currency to £744.7m while underlying operating profit climbs +22% to £41.7m (H1 2012: £34.2m) excluding £7.4m of transaction and restructuring costs related buying MWB Business Exchange.

Underlying total overheads, excluding MWB transaction/restructuring costs, is cut from 19.5% to 18.7% (percentage of sales). There's a +10% increase in interim dividend to 1.1p (H1 2012: 1.0p), reflecting Regus' underlying performance.

"Over the six months our network increased by +14% to 1,605 locations," says boss Mark Dixon, "and we remain on track for at least 2,000 by the end of 2014. At the same time we maintained a firm grip on overheads, which decreased by -7% per workstation."

Lastly, six month interim numbers from the holding company of engineering and construction group, Kentz, up to 30 June 2013. Adjusted profit before tax climbs +8% to US$55.4m; reported profit before tax is up +3% to US$52.7m(1H 2012: US$51.2m).

Claimed order intake is up +11% to US$979 million (1H 2012: US$882 million) with "strong" success in Canada with approx US$200m of new awards. The claimed pipeline of opportunities has risen +17% over 12 months to US$15.0 billion.

"The first six months of 2013 has seen one of the busiest periods of bidding activity ever undertaken in Kentz and this momentum and level of activity has continued into the second half of the year," says chief exec Christian Brown.