Market News - Page 814

Acquisition
Sprue is pleased to announce details of the acquisition of source code and development rights to software developed by Intamac Systems Limited (“Intamac”) (the “Intamac Software Acquisition”). …

The company achieved a positive total return. The performance against the FTSE 100 was disappointing, but reflects certain portfolio characteristics, specific market circumstances and the impact of falling bond yields on the market value of the company's debt. This is explained fully in the investment performance commentary on page 5, with an attribution analysis set out below.

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Biffa Plc have announced their intention to re float the company on the Stock Exchange. Previously spun out of Severn Trent then listed and subsequently taken over by private equity, it has today announced its intention to return to the market. …

Morrisons Plc have released a respectable set of numbers today;
Andrew Higginson, Chairman, said:
'The new team has made a real difference and delivered further good progress across the board in the first half.
“Prices are lower, customers are being served better and quality is improving, as demonstrated by Morrisons winning a number of recent prestigious awards such as the 2016 Meat and Fish Retailer of the Year.
We remain on track to deliver improved profits and returns for shareholders”….

The update suggest there has little improvement in the demand from the oil and gas industries. …

Driver Group, the global professional services consultancy to construction and engineering industries provides an update on trading performance during the second half of the financial year ending 30 September 2016.
The Board is pleased to confirm that, as expected, the Group has returned to profit during the second half and furthermore that turnover in the period is expected to be roughly 7% ahead of that recorded at the interim stage. Considerable progress has been made in reducing the cost base across the Group, driving efficiencies and improving job profitability and the detailed review of the Group's operations which commenced following Gordon Wilkinson's appointment as CEO in March is ongoing.
Revenue and operating profit in Europe & Americas are above expectations and at record levels for the period, whilst revenues in AMEA are broadly in line with expectations and again at record levels. Despite this significant improvement in operating performance, operating profits in the AMEA region have been well behind internal forecasts and, after a further review of the Group's debtor book, the Board has determined to increase the provision against outstanding debts in the AMEA region by a further GBP520,000. Based on the latest management information and including the impact of the increased debtor provision, the Board now expects that the Group will record a modest operating loss before exceptional items for the financial year as a whole.
Net debt at the financial year end is expected to be in the region of GBP9.0m, in line with market forecasts and comfortably within the Group's available facilities. Further steps are still required to bolster and improve the sustainable profitability of the Group. Nonetheless, the Board is confident of delivering further progress in the 2017 financial year.
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Anpario plc, the international producer and distributor of natural feed additives for animal health, hygiene and nutrition is pleased to announce its interim results for the six months to 30 June 2016.

Financial and operational highlights

Financial highlights

— 9% increase in adjusted profit before tax from continuing operations1

to GBP1.7m (2015: GBP1.6m)

— 5% rise in adjusted EBITDA2 to GBP2.0m (2015: GBP1.9m)

— 3% improvement in gross profit to GBP5.1m (2015: GBP5.0m)

— Cash balances of GBP10.9m at 30 June 2016 (30 June 2015: GBP7.9m)

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Preliminary Results for the 52 weeks to 2 July 2016
Delivering on our plans and increasing sales, profits and dividends
Dunelm Group plc, the UK's leading homewares retailer, today announces its preliminary results for the 52 weeks to 2 July 2016.

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