Big losses for the travel-focused retailer WH Smith following the release of a trading update this morning, along with news of a funding round. The company is seeing consumer confidence weaken, with its airport operations and North American business flagging. Overall momentum is also slowing and the full year headline profits expectation has been dialled down by £15m, too. In order to help the company navigate this period of uncertainty, which it sees as stemming at least in part from the ongoing conflict in the Middle East, a capital raise is also being launched. The WH Smiths share price was down 15% in early trade.
The brewer turned hospitality operator Fullers issued an encouraging set of full year numbers this morning. Bucking industry trends the company saw revenues up 5%, profits grown by more than 20%, with management promising a dividend uptick and a further share buyback as a result. Citing the affluent client base and quality estate of pubs, the company is looking at a robust outlook despite the worsening economic climate and expects to see the World Cup provide a further boost. The Fullers share price traded as much as 9% higher shortly after the open.
Independent energy company Enquest has this morning announced that its Malaysian subsidiary will acquire a series of offshore production sites in South East Asia. This is a slightly complex deal and should it complete constitutes a reverse takeover but results in an operational step change with production more than doubling. The EnQuest share price was up by more than 20% by 8.30am.
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Retail Offer - - WH Smith (SMWH)
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