The morning news update with WPP, Evraz and Clean Air Power

FTSE 100

WPP (WPP) – wholly owned operating company Y&R Advertising has agreed to acquire the creative and research agency of MCS Holding LLC, one of Mongolia’s largest conglomerates.

Standard Life (SL.) – following the Scottish referendum “No” vote recognises that further constitutional change is very likely. Will consider the implications of any changes for customers and other stakeholders in the business to ensure their interests are represented and protected.

GlaxoSmithKline (GSK) – the Changsha Intermediate People’s Court in Hunan Province, China has ruled that GSK China Investment has, according to Chinese law, offered money or property to non-government personnel in order to obtain improper commercial gains, and been found guilty of bribing non-government personnel. GSKCI will pay a fine of £297 million to the Chinese government.

FTSE 250

Domino Printing (DNO) – Sales in the ten months to the end of August 2014 were up by 4%, underlying growth in the core business was 9% and there was a 5% adverse impact from foreign exchange movements. Remains confident of achieving results in the full year in line with expectations. 

Evraz (EVR) – is currently considering a registered initial public offering of ordinary shares of its North American subsidiary, EVRAZ North America.

Small caps

Clean Air Power (CAP) – a challenging European market coupled with unexpected technical delays in achieving EPA certification and the first sales of the US Genesis EDGE Dual-Fuel product mean that full-year results are expected to be significantly below market expectations.

Surgical Innovations (SUN) – continued reductions in OEM revenues and slower than anticipated revenues from the US dealer network, coupled with the Board’s strategic decision to reduce inventories within the customer supply chain, it is anticipated that full year revenue and profit will be significantly below market expectations.

Tandem Group (TND) – posts a net profit of £140,000 for the six months to June.

Orosur Mining (OMI) – reports gold production of 13,684 oz for the three months to August, in line with the top end of annual guidance.

Avation (AVI) – has purchased and taken delivery of an additional new ATR 72-600 aircraft from the manufacturer. The aircraft is leased to a European airline for a period of 10 years.