Big losses for the advertising giant WPP this morning after the company released a first half trading update. This noted challenging market conditions with a further deterioration in performance being noted in the second quarter. Operating profit margins are also being squeezed and forward looking statements show revenues for the full year as weakening, too. As a result, the WPP share price was trading around 12% lower a few minutes after the opening bell.
The airline and holiday group Jet2 published full year results this morning. Revenue growth was a solid 15% but operating profits rose by just 4%. Management noted the later booking profile as persisting – something that had been previously communicated – whilst adding that trading was still in line with expectations. Dividends are being increased too, although investors failed to warm to this, with factors such as a fully hedged fuel position as oil prices fall potentially dragging. The Jet2 share price was down 7% in early trade.
Precision engineering group Hunting was the biggest gainer on the FTSE-250 this morning after it released a H1 trading update, highlighting increased dividend targets and the launch of a $40m share buyback. Order book growth has been noted, there’s a strong tender pipeline, costs are being trimmed and the outlook is positive despite broader market volatility. The Hunting share price was up 11% shortly after the open.
Most read news on Investegate this morning
Update in relation to Premium Finance business - - Close Brothers Group (CBG)
