The Morning News Update with Tullow Oil, Kier and Mothercare

FTSE 100

Tullow Oil (TLW) – half-yearly financial results are expected to deliver strong revenue and gross profit in line with expectations of approximately $1.3bn and $650m respectively. 

Persimmon (PSN) – Trading during the first six months of this year has been strong.  Total revenues have increased by 33% to £1.2 billion, with the average selling price up by 4% to c.£186,000.

FTSE 250

Kier Group (KIE) – underlying trading performance for the full year ended 30th June 2014 remains on course, with good visibility of earnings in 2015. 

Premier Oil (PMO) – first gas under the Domestic Swap Agreement (DSA) commenced on 1 July 2014.  Premier will supply up to an additional 40 BBtud (gross) from its operated Natuna Sea Block A offshore Indonesia to the domestic market, via a swap arrangement. 

Carillion (CLLN) – as continued to perform in line with the expectations set out in our Interim Management Statement on 7th May 2014. Has also been selected as the preferred bidder to expand Liverpool Football Club’s Main Stand and the associated public realm improvements. Work on the project is expected to start later in 2014, subject to planning consent. It is expected to take approximately 20 months to complete and the construction costs are likely to be in the region of £75 million.

Small caps

Blinkx (BLNX) –  while revenues grew c. 5% year-on-year, EBITDA will be c. $5 million below management expectations for the 2015 financial year.

Northern Petroleum (NOP) – combined field production at the Canadian operations, allowing for operational downtime, is expected to continue at approximately 200 bopd, leading up to the summer drilling campaign.

Staffline (STAF) – announces the acquisition of of Softmist Limited, based in Leicester, which trades as ‘Skillspoint’, a training procurement consultancy.

Northern Bear (NTBR) – posts a pre-tax profit of £1.8 million for the year to March, up from £0.7 million in 2013.

Mothercare (MTC) –  has rejected two takeover proposals from US firm Destination Maternity, which value the firm at £266 million.