The Morning News Update with RBS, Balfour Beatty and Cyan

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FTSE 100

United Utilities (UU.) – Current trading is in line with expectations. Revenue has increased, reflecting the regulated price rise for 2014/15, partly offset by the previously announced special customer discount of c£20 million which has been applied to this year’s bills.

Pearson (PSON) – Adjusted operating profit, excluding Mergermarket, of £73 million for the six months to June, down from £124 million due to increased net restructuring charges, currency movements and the impact on margins of the phasing of revenues into the second half of 2014.

Royal Bank of Scotland (RBS) – Profit before tax is expected to be £2,652 million for H1 2014, up from £1,374 million in H1 2013, with operating profit at £2,601 million, up from £708 million in H1 2013.

FTSE 250

Balfour Beatty (BBY) – can confirm that, following an approach from Carillion to Balfour Beatty, they are engaged in preliminary discussions in relation to a possible merger of Carillion and Balfour Beatty.

AG Barr (BAG) – anticipates half year sales revenue of c.£135m, an increase of 5.6% over the prior year, which in turn, was 5% up on the previous year’s performance.

Lonmin (LMI) – currently achieving around 30% of normal monthly production and expects to be achieving 80% of normal monthly production by the end of the 2014. Revises sales guidance to 420,000 saleable Platinum ounces for the year.

Small caps

Miton Group (MGR) – expects adjusted pre-tax profits for the six months ended 30th June 2014 to be well ahead of the prior year, consistent with expectations.

Belgravium Technologies (BVM) – trading in the first six months of the year has been satisfactory and in line with management’s expectations.

Better Capital (BCAP) –  has indirectly acquired Project Oliver Topco Limited and its subsidiaries, which together trade as OfficeTeam, on a debt free basis for a consideration of £80 million from a consortium of lenders who took control following a financial restructuring in 2013.

Eckoh (ECK) – has successfully reached agreement to acquire the freehold of its existing Hemel Hempstead head office for a consideration of £2.9 million.

Cyan Holdings (CYAN) – raises £3.5 million at a price of 0.6p per share.

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