The Morning News Update with L&G, Grainger and Avon Rubber

FTSE 100

Legal & General (LGEN) – Reports a 13% increase in first-half net cash generation, boosted by demand for retirement products. L&G said the reforms introduced to Britain’s annuities market by Chancellor George Osborne in March would help it increase earnings, and that it was developing new retirement products to evolve with the changes.

easyJet (EZJ) – Posts a strong rise in passenger numbers of 7.7% for the month of July and a rise of 5.9% for the 12 months ending July. 

FTSE 250

Ferrexpo (FXPO) – posted a 32% rise in half-year core profit, helped by a weaker Ukrainian currency and lower production costs which more than offset softer iron ore prices. Earnings before interest, taxes, depreciation, and amortisation (EBITDA) of $321 million also beat a consensus forecast of about $250 million.

Grainger (GRI) – UK’s largest listed residential property owner & manager said group sales for the 10 months to end-July totalled approximately £236.5 million, generating an estimated profit from sales of £71.1 million.

Small caps

Avon Rubber (AVON) – Reports that trading has continued to be strong since the end of the first half of our financial year. The Board remains confident that the outturn for the full year, after the impact of an estimated £1 million currency headwind, will be in line with market expectations.

GW Pharma (GWP) – Posts Q3 revenue of £7.6 million versus £7.3 million a year ago. Q3 loss of £6.9 million versus £2 million loss a year ago. The firm said it continues to make strong progress across its cannabinoid pipeline, which continues to yield interesting new product candidates in a wide variety of therapeutic areas.

Stanley Gibbons (SGI) – Contracts were exchanged on Monday 4 August 2014 for the sale of its freehold property at 11 Adelphi Terrace, London for a consideration of £4.5 million.

Publishing Tech (PTO) – Posts a loss before tax £0.69 million on revenues down 10.3% to £7.61 million for the six months to 30th June.

Amara Mining (AMA) – Announces Further encouraging Yaoure drilling results and the cessation of mining at Kalsaka/Sega Gold Mine.