The global chemicals company announced this morning that it had completed the disposal of its pharmaceuticals manufacturing business to Associated British Foods. That’s allowing Elementis to take a more focused approach to business whilst shareholders have been buoyed by the fact that the $35m generated from the sale will be returned to them by way of a share buyback. The Elementis share price was up more than 5% in early trade as a result.
The global identity and location technology business issued full year results this morning noting a year of considerable progress with group revenues up 3% and adjusted operating profits some 0.7% higher. Mid-single digit revenue growth is expected in FY27 with an accelerating contribution from new innovations and although one off investments will squeeze margins in the year ahead, downside pressures here are expected to be short-lived. Regardless, investors appear to be taking a glass half empty view here, marking back the GB Group share price some 10% shortly after the open.
BATS issued a H1 pre-close update today, noting that the company remained on track but the sub-text was that the outlook was towards the lower end of the previously guided range. A strong performance in the US and for the company’s next generation non-combustible products was seen as being behind the move, but the market reaction has been less than welcoming. The British American Tobacco share price was squeezed in early trade to be sitting down just over 3% by 8.45am.
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