The morning news update with Tesco, AG Barr and Cupid

FTSE 100

Meggitt (MGGT) – Meggitt Sensing Systems has been selected by Bell Helicopter, a Textron Inc company, to provide gearbox oil level monitoring and chip detection systems for the new 525 Relentless commercial super-medium helicopter. Meggitt estimates that the agreements will generate gross sales of more than $30 million over the production life of this helicopter, including original equipment, spares and repairs.

Tesco (TSCO) – Alan Stewart will join the Board as Chief Financial Officer with effect from 23 September 2014, rather than the previously announced date of 1 December 2014.

IMI (IMI) – Daniel Shook will be appointed as Finance Director to succeed Douglas Hurt who has decided to retire.

FTSE 250

Tate & Lyle (TATE) – Profits warning. Despite continuing good demand across Speciality Food Ingredients and a solid performance in Bulk Ingredients, significant operational and supply chain issues together with a lower SPLENDA Sucralose performance, now leads the firm to expect adjusted profit before tax for the first half to be in the range of £95 million to £105 million.

AG Barr (BAG) – Profit on ordinary activities before tax and exceptional items increased by 14.6% to £19 million in the six months to 27th July.

PZ Cussons (PZC) – performance during the period since 30th June has been in line with management expectations.

Small caps

Cupid (CUP) – posts a net loss of £2.36 million for the six months to June.

Crimson Tide (TIDE) – posts a pre-tax profit of £25,000 for the six months to June.

Starcom (STAR) – posts a loss of $557,000 for the six months to June.

Netcall (NET) – adjusted earnings per share increased by 10% to 2.81p in the year to June, net funds of £11.4 million at the period end.

Chaarat Gold (CGH) – has signed an agreement with NFC to complete the Definitive Feasibility Study for the Chaarat Project.  The work will be carried out by NFC’s affiliated design institute NERIN.