Hays

 

Some significant losses were posted by the recruitment company Hays after the publication of a pre-close year-end trading update. This noted that even against last year’s soft comparatives, performance was still lagging and despite cost reductions, full year profits are now expected to be around £45m, more than £10m below consensus forecasts. The Hays share price fell by around 14% in the first few minutes of trade.

 

Syncona

 

The life science investment trust Syncona published full year results today along with a strategy update. Whilst the numbers were less than stellar with NAV per share falling by around 10%, the shift in plans to maximise shareholder value by selling down assets and returning cash to investors, seems to have been well received. The Syncona share price was up by more than 6% in early trade.

 

Whitbread

 

The owners of Premier Inn published a first quarter update this morning and whilst the company’s UK operation continues to outperform the mid-range hotel sector, revenues and room rates are down 2%, whilst contraction in food sales was also reported, although this had been anticipated as the company scales back on the catering side. Growth in Germany was rather more sustained, reflecting the maturing brand with like for like sales up 13% and the longer term cost saving plans remain on track. Regardless, that decline in UK revenues seems to be weighing with the Premier Inn share price around 2% lower shortly after the bell.

 

Most read news on Investegate this morning

 

Appointment of Chief Financial Officer Designate - - Vodafone Group (VOD)

Offer Updates - - Assura (AGR)

Statement of Intention Not to Make an Offer - - Frasers Group (FRAS)