Irish drinks maker C&C Group has issued full year results this morning which include news of a further €15m share buy back and a 3.97c dividend per share to reflect the company’s strong cash flow. However the stock has tanked off the back of a second announcement restating profits for the previous three years, culminating in a €5m charge. As a result of this, the CEO – who had been CFO when the accounting errors occurred – has resigned from the board and will leave the business in September. Shares were as much as 10% lower in early trade before recovering slightly to sit down 7% by 9am.
It’s something of a minnow on the stock market but Graft Polymer, a company that develops biopolymer drug delivery systems, saw its shares leap higher this morning off the back of a business update. Critically this suggested as many as five new partnership deals may be struck, along with providing a round up of recently announced events. Shares are currently being quoted with a 10% bid-offer spread but the 120% gain will be welcomed by investors. Shares now trade back at levels seen after last week’s patent application and regulatory update.
A trading update from Bellway this morning showed the housebuilder making good progress despite ongoing challenging market conditions. Management also noted that average selling prices for the February-May period had come in around £10k higher than the previous forecast of £295k, mainly due to a change in the product mix. The note adds that the company expects to return to growth in FY25 with shares trading as much as 2% higher shortly after the open.
Headlines we expect on Monday
ME Group Trading update
This time last year Revenue up 24%, pre-tax profits up 35%
