The FTSE 100 is called to open slightly higher this morning despite the weaker overnight performances on Wall Street and in Asia on concerns over a Chinese economic slowdown. The economic diary today sees the release of domestic construction PMI data, US ADP non-farm employment figures and at 7.00pm UK the US Beige Book. Commodity prices are mixed and on the foreign exchanges, the pound is slightly higher against both the dollar and the euro ahead of these data releases.
Company Announcements
Ashtead
Q1 Results sees underlying rental revenue up 20% at £539.6m, EBITDA ahead 25% at £282.7m and PBT +23% at £160.7m at constant exchange exchange rates on the prior year. Group RoI was steady at 19% and it slightly reduced its net debt to EBITDA leverage to 1.8x (1.9x). It invested £349m (gross) in capex in the period and continues to expect FY capex of around £1bn, noting that as always this remains flexible and it will continue to monitor market conditions and adjust plans appropriately. It added that with both its Sunbelt and A-Plant divisions performing well, strong end markets and strategy, it expects full year results to be in line with its expectations and looks forward to the medium term with confidence.
ASOS
It has confirmed press reports that founder and CEO Nick Robertson is to stand down from the latter role and become a Non-Executive Director with immediate effect. He will be replaced by Nick Beighton who joined in 2009 as CFO and has been COO since last October.
Avon Rubber
Trading Update notes the continued positive performance of both its Protection & Defence and Dairy areas of the business adding that it expects the outcome for the current year will be in line with current market expectations.
Contributed by SVS Securities
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