Results round-up

Alexander Bueso Sharecast | 19 May, 2017 17:37 | | |

Jefferies downgraded credit checking company Experian to 'hold' from 'buy' and cut the price target to 1,550p from 1,670p following the company's preliminary full-year results on Thursday.

Although increased innovation should help the group to grow at least in line with end markets, Jefferies pointed out that US credit momentum is slowing and said it is unclear whether Consumer Services can revive after more than two years of disruption.

Newspaper publisher Johnston Press posted a 0.2% rise in total revenues for the 17-week period to the end of April as it noted that trading conditions for regional newspapers remain challenging.

Excluding sales of the i newspaper, which continues to perform well, total revenues were down 12%. Sales volumes for the i were up 4% in the 12 months since its acquisition, with circulation revenues up 23% and average website unique users 12% higher from February to March.

Digital advertising revenues were up 10%, or 3% higher including classifieds. Meanwhile, on-network digital audiences were up 11% to 26m, with average page views up 17%.

Circulation volumes of The Scotsman and Yorkshire Post continued to improve, while other large dailies such as the Sheffield Star, Evening Post and the Edinburgh News also saw some improvement.

"The board notes that trading conditions for regional newspapers in the UK remain challenging and, while encouraged by improving trends across the group, the management team continues to take actions to manage its costs tightly."

John Laing Infrastructure Fund said its underlying portfolio value grew 1.9% in the first quarter to £1.2bn on a rebased value of £1.19bn and in line with expectations.

JLIF said the rebased portfolio value reflected cash received from investments during the period and the appreciation of sterling against the Euro, Canadian dollar and US dollar.

Net Asset Value (NAV) was £1.2bn, including £31.3m of cash allocated to the dividend to be paid in May 2017.

The NAV per share rose 2.7p to 122.9 pence due to underlying portfolio growth over the period, and the NAV accretive equity issuance in March 2017, JLIF added.

In a separate announcement , JLIF said Andrew Charlesworth, investment adviser at John Laing Capital Management (JLCM) would be leaving on May 26 to "pursue opportunities in the global infrastructure market".

More news

23 Jun Capital Economics sees limited upside for FTSE 100 in 2017 (and next)

The UK economy's performance will continue to exceed forecasts but multiple headwinds will just about brake any further gains in the FTSE 100 in 2017, analysts at one of the City's top research shops said.

23 Jun US oil rig count keeps climbing, Baker Hughes says

The number of oil rigs in operation in the US continued to climb last week, increasing by 11 to 758, according to the results of the most widely-followed survey tracking them.

23 Jun FX round-up: Sterling gains on dollar thanks to UK policy hawks coming to fore

Sterling managed Friday gains on the US dollar thanks to UK monetary policy hawks coming to the fore in recent days, but was otherwise down against a raft of commodity currencies.

23 Jun Europe close: Stocks end off lows as oil futures perk up

Stocks came off their worst levels of the day as crude oil futures perked up and trading on Wall Street got off to a positive start.

23 Jun London close: FTSE labours through Friday as sterling gains on underwhelming dollar

Stocks in London laboured through Friday as sterling made gains against an underwhelming US dollar a day after PM Theresa May met with European leaders in Brussels.

23 Jun US open: Stocks edge higher at the end of the week

Gains for steel and biotech shares saw Wall Street edge higher amid better than expected economic data and some dovish Fedspeak.

23 Jun Price pressures grow in US in June, PMIs show

Private sector firms in the US continued to record a solid rate of expansion amid signs that economic growth might pick up again, the results of a widely-followed survey showed.

23 Jun US new home sales beat forecasts in May, prices jump

Activity in America's residential real estate market continued to hum along at a solid pace last month, the latest official revealed, amid sharp price increases.

23 Jun Avingtrans gets extension on possible Hayward Tyler bid

Hayward Tyler updated the market on its discussions with Avingtrans on Friday, regarding the possible offer by Avingtrans for the company as announced on 31 March.

23 Jun BMR raises £0.35m as Kabwe plant construction progresses

BMR Group announced on Friday that Peterhouse Corporate Finance had raised £0.35m - before expenses - by way of a placing of 9,333,333 new ordinary shares of 1p each in the capital of the company, at 3.75p per share.