The facilities management to pest control company Rentokil updated the market this morning with Q1 numbers. Despite a more stable performance in the US currency headwinds kept revenue growth in check and investors were seemingly left wanting more. The stock fell back more than 4% in early trade before finding some support, with those gains from the upbeat full year numbers in March now having been eroded in full.
A six month trading update published this morning helped the low cost airline soar in early trade, with shares adding more than 4% and peer IAG not being too far behind, either. Passenger numbers were up 8% whilst revenue per seat rose by a similar amount, a number that was seen as being ahead of guidance. There’s a positive outlook for the second half of the year too, with growth in easyJet holidays being seen as particularly strong, although notably Q4 is showing as 30% sold when it stood at 36% sold a year ago.
Hipgnosis has been up for discussion frequently in terms of the market trying to find an accurate valuation for its back catalogue of music, but shares surged by more than 30% at the open following news that a cash offer for the business had been recommended by the board. The stock is now trading around the 95p level, reflecting the $1.16 offer tabled and a 30.5% premium to the six-month volume weighted average share price. However reflecting that valuation debate, the offer price is just 4.3% up on the NAV cited last September.
Headlines we expect on Friday
888 Holdings Q1 Trading update
This time last year Revenue £446m, customer monthly activities +6% YoY
