The FTSE-100 listed testing and certification company Intertek published full year results this morning which illustrated a strong performance, triggering a £350m share buyback and upgrading of the medium term margin target to 18.5%. Dividends have also been increased by more than 40% with an increase by clients in risk-based quality assurance seen as being a key driver of the growth. The Intertek share price was up 6% in early trade.
Full year numbers from the FTSE-250 specialist geotechnical contractor Keller Group were issued this morning, receiving a rapturous reception from the market. Whilst revenues were barely higher, underlying pre-tax profits added 25% and net debt also fell by almost half off the back of strong cash generation. A multi-year share buyback program has been announced and with the year-end order book at a record high, further financial progress is expected in 2025. The Keller share price had traded as much as 20% higher after the opening bell before giving back a little of the gains.
The food-to-go group published full year numbers this morning with sales surpassing £2 billion and news of a £20.5m profit share to be split between staff, but the market has given a muted reaction to the news. Inflationary pressures and concerns over the cost of living crisis were both flagged, although the company has a good track record of managing challenges here. Its value proposition also remains robust and the plan laid out in 2021 to double sales in five years is reported as being very much on track, but near term margin headwinds appear to have encouraged some to book profits. It’s been a tough few months for the company, with stock trading down more than 40% from last summer’s highs. The Greggs share price was trading down 10% by 8.30am on Tuesday.
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Final Results - Part 1 of 7 - - Abrdn (ABDN)
