Shares in the FTSE-100 listed online property poral surged this morning after Australian rival REA Group confirmed media reports that it was looking at making a bid for the company. Rightmove’s shares jumped by more than 20% in early trade before easing back slightly, although the share price reaction seen by REA during the Australian session was somewhat less inspiring. As always there’s no certainty that a deal will now complete, but Rightmove is now trading at levels not seen in two and a half years.
FTSE-250 listed IT services provider Kainos published a trading update this morning which critically included updated guidance for the full year to March 2025. Whilst pre-tax profits are set to come in broadly as forecast, a challenging trading environment means that only a small increase in revenues is expected, a number that will likely be below current consensus estimates. Despite notes that the underlying business is well supported by current customer relationships, investors have been quick to mark down the stock which is trading some 14% lower an hour into the day.
The AIM listed antibody profiling company has this morning announced an additional contract win with an existing global pharma company. Critically this is the second such announcement to be made in less than a month, with management lauding the commercial progress that the company is making. This win is reenforcing beliefs that FY24 targets will be met, whilst profitability can be achieved in FY 25. The share price advanced by 17% in early trade.
Headlines we expect on Tuesday
Ashtead Group Quarterly Earnings
This time last year Revenue $2.7bn, Operating profit $703m, Adjusted eps 107.5c
Manolete Partners Final Results
This time last year Realised revenue on completed cases £26.8m, Pre-tax loss £4m
