Amec has revealed they are set to purchase Foster Wheeler AG for a sum of around $3.3bn through a combination of cash and shares after the company signed a definitive agreement. Amec have also timed the statement with the release of its full year earnings which came in 3% higher than last year at £343m. Net profit fell 14% at £179m and revenue also fell 3% to £3.97bn. Chief Executive Samir Brikho has today said: “The combination with Foster Wheeler is financially and strategically attractive. I believe it is a compelling proposition for our shareholders, customers and employees”.
Imperial Tobacco Group +4.54%
Imperial Tobacco Group is currently leading the FTSE 100 after the company revealed its Q1 figures. Net revenue was reported at £1.56bn for the world 4th largest tobacco company with the group adding they expect meet expectations for the year.
Entertainment One +4.00%
Television and film specialists Entertainment One has today said it expects full year earnings are to be above management expectations. The company posted a 56% increase in revenue for the ten months to Jan 31 and also a strong rise in gross margins.
Omega Diagnostics Group +17.16%
Allergy specialists, Omega Diagnostics Group, have today announced its CD4 technology transfer project is now complete. Omega has said its first evaluations are to begin next month.
Tate & Lyle -17.01%
Shares in Tate & Lyle have plummeted over 17% this morning, losing over 134p off its share price after the company issued a profit warning. The company has said they expect full-year profit to be in-line with last year and also SPLENDA Sucralose’s price will continue to fall. The company has said the following: “We continue to see good long-term opportunities for growth in the market for SPLENDA Sucralose leading to operational efficiencies as we continue to fill our McIntosh facility”.
Rolls-Royce Group -14.71%
Another huge faller in the FTSE 100 this morning is Rolls-Royce Group, down over 14% after the engineering group reported revenue is set to be flat – the first time this has happened in 10 years. The company expect revenue and profit to pick up in 2015 with Chief Executive John Rishton saying: “In 2014, we expect a pause in our revenue and profit growth, reflecting offsetting trends across the business”. Mr Rishton was keen to add the following: “This is a pause, not a change in direction”.