Smiths reaffirms annual guidance, Ocado reports strong growth at retail arm
By Josh White
Date: Tuesday 26 Mar 2024
(Sharecast News) - London open
The FTSE 100 is expected to open 25 points lower on Tuesday, having closed down 0.17% on Monday at 7,917.57.
Stocks to watch
UK engineering group Smiths reaffirmed annual guidance after a rise in half-year earnings and order growth. The company on Tuesday said operating profit for the six months to January 31 rose 2.7% to £192m. Orders grew 16.5%, although revenue in its general industrial division - it's biggest sector - fell 5.5%.
Ocado said in an update on Tuesday that in the first quarter of 2024, its Ocado Retail operation saw an 8.1% increase in total item volumes, leading to a 10.6% rise in revenue to £645.3m. The FTSE 100 company said the division - a joint venture with Marks and Spencer - saw its online market share climb to 13.5%, driven by a 6.4% rise in active customers, reaching 1.02 million. Additionally, despite a 2.1% increase in average basket value, its pricing strategy led to just a 2.2% growth in average selling prices.
Affordable housing group Vistry has signed two new partnership agreements that will see it build 1,900 new homes in Arundel and Newmarket. "These two sites support our strategy of delivering a significant number of mixed-tenure homes with our affordable housing partners," said chief executive Greg Fitzgerald.
Newspaper round-up
Are 200,000 jobs really supported by the oil and gas industry in the North Sea? Campaigners and MPs are questioning the longstanding government claim. Ministers have repeatedly used the 200,000 jobs figure as justification for pushing ahead with more fossil fuel developments despite the escalating climate crisis and widespread opposition from scientists and energy experts. - Guardian
The Newcastle United co-owner Amanda Staveley faces having to pay a Greek shipping magnate more than £3m after a high court legal battle. Staveley had been issued with a statutory demand by businessman Victor Restis, who claimed she was liable to pay him £3.4m owed from an investment he made in her business ventures. - Guardian
Britain is producing the smallest amount of energy on record as a plunge in North Sea fossil fuels leaves the country more reliant than ever on imports. Around 40pc of oil and gas used in the UK is shipped in from abroad, according to a new report from Offshore Energies UK (OEUK). Meanwhile, 11pc of electricity is brought in using undersea cables linked to the Continent. - Telegraph
ITV's legal bill soared to £24m last year as bosses grappled with the fallout from the Phillip Schofield scandal. The broadcasting giant racked up millions of pounds in legal costs in 2023, some of which related to a KC review into Mr Schofield's affair with a young colleague. The This Morning presenter stepped down from ITV in May last year after admitting to an "unwise, but not illegal" relationship with a male studio runner more than three decades his junior. - Telegraph
A former City figure and his wife who allegedly received at least £23.9 million from London Capital & Finance have agreed a settlement with administrators of the collapsed minibonds business, it has emerged. Simon and Helen Hume-Kendall were accused of using the money they received from London Capital & Finance, which the firm had raised by selling toxic minibonds to thousands of small investors, to finance a luxury lifestyle, including lifetime membership of Annabel's, the private members' club in London, and expensive travel. - The Times
US close
US stocks fell modestly on Monday, easing from record highs reached last week.
The Dow Jones Industrial Average decreased 0.41%, closing at 39,313.64, while the S&P 500 and Nasdaq Composite followed a similar trend, dropping 0.31% and 0.27% respectively, to end at 5,218.19 and 16,384.47.
In currency markets, the dollar was last 0.03% weaker on sterling, trading at 79.12p, while it strengthened 0.01% against the euro to 92.28 euro cents.
The greenback meanwhile exhibited a slight weakening against the yen, slipping 0.02% to change hands at JPY 151.39.
On the economic front, the US housing market showed mixed signals in February. While sales of new single-family homes unexpectedly declined by 0.3%, revised data for January indicated a stronger-than-expected performance.
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