Testing and inspection company Intertek was left wallowing at the foot of the FTSE-100 this morning after the market was left underwhelmed by the company’s latest earnings release. Full year numbers did show revenue growth of 4.3% and margins up by 90 basis points, with the momentum here expected to continue into the year ahead. On top of that the EPS metric was slightly better than consensus estimates too, but despite the positivity, the Intertek share price is almost 10% lower in early trade.
Another company which posted full year numbers this morning that left the market asking more questions was Fresnillo, the precious metals miner. Production was down but high underlying prices were sufficient to give revenues a meaningful lift. However in addition to this the company also has the challenge that costs are rising and production is expected to fall further in the year ahead, a combination that has seen sentiment sour. The Fresnillo share price was trading down as much as 3% shortly after the open but has been recovering losses since.
The AIM listed miner with operations in Kazakhstan and North Macedonia has this morning provided an update to the market regarding the mine life of its Sasa zinc-lead mine. Management have been working hard to improve the operating performance of the facility and as such concluded that the life of the mine should be revised lower. That’s going to lead to a cash impairment charge on the asset which needs to be reflected in the next filing, due in two weeks time. The Central Asia Metals share price fell almost 12% by 8.30am.
Most read news on Investegate this morning
Preliminary Results - - Greggs (GRG)
Preliminary Results - - Fresnillo (FRES)
Sasa Mineral Resource and Ore Reserve Statement - - Central Asia Metals (CAML)
