The morning news update with Rolls Royce, Provident Financial and Netplay TV

FTSE 100

Petrofac (PFC) – On track to deliver net profit in the range US$580 million to US$600 million for the full year 2014, in line with previous guidance.

Rolls Royce (RR.) – now expects underlying revenue in 2014 compared with 2013, to be 3.5% to 4% lower (previously guided as flat), excluding adverse foreign exchange translation estimated at £500m (same as previously announced). 

Old Mutual (OML) – Old Mutual Wealth will acquire Quilter Cheviot, a UK-based discretionary investment manager, for a consideration of up to £585 million.

FTSE 250

Provident Financial (PFG) – has performed well through the third quarter of the year. Credit quality in all three businesses is very sound and the group’s funding position is strong, leaving it well positioned to deliver further good quality growth for 2014 as a whole.

Colt Group (COLT) – announces the appointment of Hugo Eales as Chief Financial Officer with effect from 1st November 2014.

Small caps

Telit Communications (TCM) – revenues for the nine months ended 30 September 2014 were $205.2 million (9 months 2013: $171 million), which represents a year on year growth of 20%. Expects that trading for the full year ending 31 December 2014 will be in line with market expectations.

Chamberlin (CMH) – its light castings foundry at Walsall has won a new contract worth €6.7m over a four year term with a leading European automotive industry components and parts supplier in a competitive tender process.

Young’s & Co’s (YNGA) – has acquired the entire issued share capital of 580 Limited, a company that through itself and its subsidiaries owns and operates four pubs in prime London locations. The total consideration is £10.4 million on a debt free basis.

Netplay TV (NPT) – 21% increase in new depositing players to 18,853 in Q3. However, a high level of marketing spend results in expected full year results to be below market expectations.

Jubilee Platinum (JLP) – Unaudited net profit for the Middelburg Operations for Q3 was up 4.6% to ZAR 1.31 million (£0.73million) from ZAR1.25 million in Q2 £0.070 million) despite the labour strike action during the month of July and production ramp-up post the national labour strike in the metal industry by NUMSA in August.