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Reports UK

UK stock market morning note (March 12, 2014)

March 12, 2014, Wednesday, 10:52 GMT | 07:52 EST | 16:22 IST | 18:52 SGT
Contributed by SVS Securities

The FTSE 100 is called to open lower this morning following the performances overnight on Wall Street and in Asia with the situation in the Ukraine and concerns over China continuing to influence investor sentiment. There is no major economic data due out today so the focus will remain on corporate news. Commodity prices are flat to firmer and on the foreign exchanges, the pound is up against both the dollar and the euro but within narrow trading ranges.


Company Announcements

Poundland

Announcement of Offer Price. It has confirmed its IPO price at GBP3 per share and based on the offer price the market value of the company will be GBP750m. The offer is expected to raise gross proceeds of GBP375m assuming no exercise of the over-allotment option and GBP431m assuming exercise in full of the over-allotment option. Conditional dealings will begin today on the London Stock Exchange under the ticker PLND with unconditional dealings expected to take place on 17 March 2014.

Pets at Home

Announcement of Offer Price. It has set its IPO offer price at 245p per share which will give a market value at the start of conditional dealings of GBP1.22bn. The company is raising GBP280m of gross proceeds in the offer to facilitate the repayment of outstanding amounts owing under its existing senior facilities agreement and to cover transaction costs. Conditional dealings begin today on the London Stock Exchange under the ticker PETS with unconditional dealings expected to commence 17 March 2014.

Ocado

IMS reports that gross retail sales in the 12 weeks to 23 February 2014 rose 22.6% on the corresponding period a year ago to GBP218.8m with average orders per week growing 18.4% to 155,152. However, average order size fell 0.4% to GBP117.53. It noted that the Morrisons.com ramp up was progressing well and phase 2 development of its CFC was on track with completion due in H2 2014. It added that whilst it was encouraged by current trading, the retail environment remains both challenging and competitive, but it expects to continue growing in line with or slightly ahead of the market.

G4S

Final Results see PBITA before specific items of GBP386m 6% lower at GBP442m and on an underlying basis PBITA was up 2.8%. Underlying revenue was ahead 5.8% with organic growth of 4.7%. The total dividend is unchanged at 8.96p with it adding that it is now looking to the future with increasing confidence.