The chemicals and technology company Johnson Matthey issued full year results this morning and despite these showing a positive impact from turn around plans – adjusted pre-tax profits were up 11% despite revenues falling by 10% - markets were struggling to see much upside here. More modest growth is expected for the current financial year but the shine may have been taken off the results amidst acquisition news. Although the strategic rationale is justified, is the growth too soon? The Johnson Matthey share price did open around 3% higher but was trading flat shortly after the open.
Hoteliers PPH announced after the close last night that as part of its formal sale process, the director shad received an indicative cash offer for the company of £22 per share. This is subject to customary due diligence processes but management note they believe this represents good value for shareholders. The offer represents a 37.5% premium to last night’s closing price and shares are up 26% in early trade on Thursday.
The European tech focused VC Molten Ventures issued a note last night updating the market in terms of a major shareholder selling down their stake, albeit nominally. Bank of America trimmed their holding from 12% to 11.7%, but this news comes just a week after the same investor increased their stake. The Molten Ventures share price was down as much as 4% in early trade although recovered those losses by 8.30am.
Most read news on Investegate this morning
Operational Update - - Petro Matad Ltd. (MATD)
Johnson Matthey acquisition of Cormetech - - Johnson Matthey (JMAT)
