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Reports UK

UK stock market morning note (March 07, 2014)

March 7, 2014, Friday, 09:02 GMT | 05:02 EST | 14:32 IST | 17:02 SGT
Contributed by SVS Securities

The FTSE 100 is called to open flat this morning as investors look likely to sit on the sidelines ahead of the release of the US non-farm payrolls data at lunchtime. Today's economic diary also sees the publication of the US trade balance figures. Commodity prices are mixed and on the foreign exchanges, the pound is slightly lower against both the dollar and the euro but within narrow trading ranges. It is a quieter finish to the week for major corporate news.

Company Announcements

Aga Rangemaster

Full Year Results see operating profits up over 26% at GBP8.2m with PBT after non-recurring costs, pension charges and finance costs coming in at GBP1.1m (2012 restated: GBP1.7m) on revenue ahead 2.4% at GBP250.4m. There is no dividend due to its pension scheme trustee arrangement. Aga cooker sales volumes grew 10% in 2013 with Rangemaster orders just ahead of the previous year with the other cooker brands slightly lower. Fired Earth sales rose over 5%. It noted that against the backdrop of increased UK housing market activity, it expects an improved trading performance in 2014 with current order intake over 6% ahead of the prior year, adding that the outlook for the group does look better than it has been for some years.

Placing and Admission to AIM. It has announced that it has successfully raised GBP300m in a placing at 50p per share with dealings expected to commence on AIM on 14 March 2014. On admission the Board and the Kamani family will hold 44% of the enlarged share capital. The online fashion retailer will have a market value on admission of GBP560m based on the placing price.