Topping the FSTE-250 this morning was TI Fluid Systems after ABC Technologies revealed it had made two bid approaches to the business over the last month, both of which had been rejected by the directors. The latter offer put a 40% premium on the share price and despite the inertia from the target entity, with ABC remaining keen to strike a deal, there’s clearly optimism that taking this story public will generate a degree of interest. TI’s directors have however concluded the proposed offer significantly undervalues the business. In early trade the TI Fluid Systems share price was up by more than 14%.
Shares in Playtech found support this morning off the back of a trading update that saw full year EBITDA projections being upped, but perhaps more significantly there was a separate statement detailing news of a strategic agreement having been reached with Calipay. That follows a long running dispute between the two entities and includes Calipay making some significant backdated payments to the business. Less than an hour in and the Playtech share price was around 8% higher.
The retirement savings and income business Phoenix published interim numbers today. Despite some encouraging headline figures, investors failed to warm to the update with news that the attempt to dispose of its Sun Life business had been shelved owing to market uncertainty certainly failing to offer any upside. Management note they are now committed to enhancing the value this division brings to the group, but with the Phoenix Group share price down by as much as 4% in early trade, it feels like there’s an air of disappointment circulating.
Headlines we expect on Tuesday
Kingfisher Interim Results
This time last year Sales £6.9bn, Gross profit £2.5bn, Operating profit £367m
THG Interim Results
This time last year Group revenue £950.6m, Margin 43.8%, EBITDA £50.1m
