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risers & fallers – 26/02/14

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Risers: 

Weir Group +5.95

Weir Group is currently leading the FTSE 100 after the engineering company reported its full year results. The group posted a fall in pretax profit to £418.1m, down from £439.8m in 2012. Chief Executive Officer Keith Cochrane has said:“We expect good constant currency revenue and profit growth with Group margins broadly in line with 2013 levels, although our reported results are likely to be impacted by recent adverse foreign currency movements”. 

International Personal Finance +4.51%

International Personal Finance has today posted a 45% jump in pretax profit to £130.5m, up significantly from £90.3m a year earlier. Revenue also increased for the year with the credit company posting a figure of £746.8m in comparison to £651.7m.  IPF also revealed they have raised its dividend payment by 20%. 

Heritage Oil +14.73%

Heritage Oil has revealed that its oil production at its OML 30 property in Nigeria is up 17% with it averaging around 15,000 barrels of oil per day.

 

Fallers: 

ITV PLC -4.63%

ITV share price has fallen over 4% during mid-morning trading despite the company posting strong full year results. Pretax profit rocketed around 30% to £43m, a double digit profit growth for the 4th year in a row. ITV have said the focus will remain on cash and costs in order to save a further £10m in 2014 and to improve the efficiency of its balance sheet. Chief Executive Adam Crozier has said in a statement: “ITV has taken another significant step forward with 9% revenue growth and for the fourth year in a row we delivered double-digit profit growth. All parts of the business are progressing well as we continue to rebalance ITV. 

Greggs -7.64%

Bakery retailer Greggs PLC has today reported a drop in full year pretax profit to £33.2m compared to £52.4m in 2012. The sharp drop in profit has been blamed on harsh trading conditions. Revenue for the year was up slightly at £762.4m from £735.5m a year earlier. 

St Modwen Properties -4.39%

St Modwen Properties has today launched an offering of £100m of guaranteed convertible bonds in order to lower its debt costs as part of a wider financial strategy.

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