Big losses for the materials testing company Johnson Matthey this morning after the company announced it had failed to complete the sale of its Catalyst Technologies business to Honeywell by the deadline which passed on Saturday. Whilst the deal remains in play, the enterprise valuation has been reduced from £1.8bn to £1.325bn, with the impact that it will also reduce the amount paid out to shareholders by £400m. The market has been quick to account for this with the Johnson Matthey share price tumbling 14% in early trade.
The “ath-leisurewear” retailed JD Sports issued a note to the market this morning announcing it was launching a further £200m share buyback. The company conducted two rounds of £100m each last year so there’s a degree of consistency in this use of capital returns. The JD Sports share price was almost 5% higher shortly after the open.
Flooring provider Victoria issued a trading update this morning, noting that the company had revised its full year outlook lower, with EBITDA to be around £95m, down from the previously forecast £110.7m. Weak consumer confidence is being cited, along with the impact of relocating production facilities, although the note also highlights some gains in market share. With management additionally highlighting the need to strengthen the capital position ahead of debt maturing in 2028, there’s another reason to be wary here but the Victoria share price was down 12% approaching 9am.
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