The morning news update with Tesco, Atkins, Sainsbury’s and Numis

FTSE 100

Tesco (TSCO) – The Financial Conduct Authority has notified Tesco that it has commenced a full investigation following the recently announced overstatement of expected profit for the half year, which is currently the subject of an independent review by Deloitte.

Sainsburys (SBRY) – Like-for-like retail sales for the second quarter were down 2.8% excluding fuel.

Babcock (BAB) – has signed the Maritime Support Delivery Framework with the Ministry of Defence (MoD).  The contract is valued at £2.6 billion. 

FTSE 250

Atkins (ATK) – announces the acquisition of Houston Offshore Engineering, LLC, a leading oil and gas offshore engineering business based in Houston, Texas, for US$73m (approximately £45m).

JD Wetherspoons (JDW) – Kirk Davis, Finance Director, has resigned as a director of the Company and intends to take up the same role at Greene King.

St Mowden Properties (SMP) – management expectations for the full year’s profit before all tax have increased beyond existing market consensus and this is now expected to be materially ahead of 2013.

Small caps

Blinkx (BLNX) – preliminary first half results, based on unaudited pre-close figures that are subject to change, are expected to show revenues of $102 million to $104 million and adjusted EBITDA of approximately break-even.

Pressure Technologies (PRES) – has acquired Quadscot Holdings, a provider of high quality computer controlled and conventional precision engineering and machining services primarily to the oil, gas and petrochemical industries. Has also agreed new bank facilities with Bank of Scotland comprising a £15 million multi-currency revolving credit facility, available until 30th September 2018.

Numis (NUM) – Full year revenues from core activities have grown by 19%. 

James Halstead (JHD) – Profit before tax up by 3% at £41.8 million in the year to June.

Cohort (CHRT) – acquires J+S Limited, an independent systems and in-service support provider for the defence and offshore energy markets, from its shareholders for a cash consideration of £12 million.