The morning news update with Tesco, Cranswick and Phorm

FTSE 100

BG Group (BG.) – Following the commitment from the Egyptian government to repay outstanding debts to the energy industry BG Group has received a $350 million payment. This reduces the company’s domestic receivables balance in Egypt to around $1.2 billion.

Tesco (TSCO) – Richard Cousins and Mikael Ohlsson will join the Board of Tesco on 1st November 2014 as Non-executive Directors.  

FTSE 250

BTG (BTG) – now expects full year revenues will be around the top end of its guidance range of £330m to £345m, despite adverse foreign exchange movements.

Cranswick (CWK) – Trading during the first half of the year has been in line with the Board’s expectations.

Bank of Georgia (BGEO) – JSC Evex Medical Corporation (“Evex”), the Bank’s healthcare subsidiary, has acquired 100% equity interest in a 60-bed hospital in Tbilisi providing a wide-range of in-patient and out-patient services with particular expertise in traumatology.

Small Caps

Restore (RST) – has entered into a sale and purchase agreement to acquire Cintas Document Management, the UK records management and scanning division of Cintas Corporation of the US, for a total consideration of £23.5 million.

Phorm (PHRM) – The number of peak daily unique users in Q3 2014 versus H1 2014 has grown from 37.8m to 73.5m.

Europa Oil & Gas (EOG) – Post-tax profit for the year to July of £0.6 million, up from a loss of £0.1 million.

Modern Water (MWG) – H.M Government of Gibraltar has appointed a Joint Venture between Northumbrian Services Limited and Modern Water Services as preferred bidder for a new  wastewater treatment plant in Gibraltar.

Trading Emissions (TRE) – During the second half of the financial year NAV reduced to 11.8p per share from 22.4p per share six months earlier mainly due to the £11.4 million net reduction in cash and cash equivalents (including distributions to shareholders and realisations from disposals) and a reduction of £12.9 million in the book value of the remaining private equity investments.