Updates from Rolls-Royce, Bovis and Ophir Energy

Stocks have slipped sharply in Asia on Greek's resounding weekend 'No' vote. In early trading Japan's Nikkei was down around 1.3%. On Friday the FTSE 100 was 44.6 points lower at 6,585.7. SmithsGroup was the day's biggest plunger, down 2.4% to 1134p while Rolls-RoyceHoldings were also down markedly to 856p, a 2.2% fall. There were similar falls for StandardChartered and Vodafone.

In the US on Friday shares were down modestly; the Dow Jones fell just 27 points to 17,730.1. Though shock stock falls are inevitable today much of the worry will widen to bond market contagion risk (Spain, Ireland, Portugal, etc) - and whether the European Central Bank snips support for Greek banks.

We start with a profits warning from Rolls-Royce. Weaker demand for its engines plus flailing oil markets has seen Rolls-Royce warn that underlying profit before tax is expected to be between £1,325m to £1,475m, compared to previous guidance of £1,400m to £1,550m.

For 2015 and 2016 aero engine maker says offshore markets continue to weaken, reducing Marine profit by around £85m in both years. However 2015 revenue guidance for the full year remains unchanged, claims the company.

The market headwinds "should be balanced," says the company, "by good growth in our widebody aftermarket and a larger-than-expected benefit from the reversal of a balance sheet provision on the Trent 1000 launch."

We move onto a six-month trading update from Bovis Homes. Bovis claims record half year volume of legal completions at 1,525 new homes (H1 2014: 1,487); average sales price on legal completions increased 6% to £222,000 (H1 2014: £210,000).

Weekly private sales rates to date appear robust at 0.63 net private reservations per site against 0.65 in 2014. Bovis says it intends to increase the interim dividend for 2015 by 14% to 13.7 pence per share (H1 2014: 12.0 pence per share).

"We are on track," says CEO David Ritchie, "to deliver our expected growth for 2015 and a further increase in return on capital employed supported by robust profit margins and improved capital turn."

We finish with a trading briefing from Ophir Energy. Production during the first half of 2015 averaged 14,600 barrels, the Bualuang field in the Gulf of Thailand contributing 12,600 boepd. Production is on track to meet expectations for the full year claims Ophir.

Ophir claims its integration of Salamander Energy plc's operations and the Niko asset package has progressed well during the first half of 2015. Rationalisation savings are now delivering $60m per annum it claims.

Though a tough time in the commodity cycle "Ophir," says boss Nick Cooper, "has a strong balance sheet and minimal capex commitments. Our financial flexibility provides a competitive advantage and Management is actively screening opportunities to enhance shareholder returns."

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