A short but impactful trading update was published by Rank Group this morning. The gambling company noted that revenues were 11% ahead and now expects to report full year profits of at least £63m. Gambling reform in the UK come into force later this month which the company sees as a positive for business and the Rank share price was trading around 4% higher shortly after the open.
Gains were posted by the fund manager Jupiter this morning after the company announced it was to acquire CCLA Investment Management. The acquisition for £100m was seen as being compelling from strategic, cultural and financial perspectives, with cost saving synergies of £16m a year to be realised quickly. The move broadens Jupiter’s appeal by opening a significant new client channel, whilst management have also updated the capital allocation framework. The Jupiter share price was up more than 11% by 8.30am.
FTSE 250 listed buildings materials distributor Grafton issued a trading update this morning covering the first half of the year. Despite volumes being in line with expectations and revenues up 10% from the comparative, the note acknowledges that market conditions remain challenging and this is feeding through to consumer weakness. The company believes it is well positioned to harness growth opportunities as the economic cycle turns but investors have been booking profits off the news. The Grafton share price was almost 8% lower in early trade.
Most read news on Investegate this morning
Acquisition of CCLA Investment Management Limited - - Jupiter Fund Management (JUP)
