It’s looking to be a relatively quiet start to the week, but Wood Group is sitting towards the top of the FTSE-250 on the back of news that it has been awarded a significant contract with Esso in Australia. Details are relatively thin on the ground but it’s the result of a competitive tender process, will start this month and will go on to generate 250 new jobs in the state of Victoria in the early part of the year. Management note the company’s continued growth in Australia and that this win follows a recently awarded five year contract renewal in the same area. The Wood Group share price was up as much as 3.5% shortly after the bell.
News publisher Reach issued a trading update this morning for the final quarter of 2024, noting that following a strong performance, results are now expected to come in higher than had been previously forecast. The note also revealed a legacy accounting issue with a pension fund that will cost £5m to correct but the market appears willing t look beyond this. It has been a torrid time for the publishing industry and Reach has been working hard to adapt to falling print sales along with that digital transformation. The Reach share price ws up 23% by 9am.
Well into small cap territory and the electric vehicle charging solutions provider Pod Point has this morning published a pre-close trading update for the full year. Adjusted EBITDA loss is expected to be in line with the previous guidance, but ongoing weakness in private, new EV car sales continues to hit the business, with sales now expected to come in around 10% lower than forecast. Headwinds are expected to persist in the year ahead but a credit facility from a major shareholder should maintain the cash position. The Pod Point share price was down 35% just over an hour into the day.
Headlines we expect on Tuesday
Premier Foods Trading Update
This time last year Q3 sales +14.4%, 190 million mince pies sold, Market share +121bps
Kier Group Trading Update
This time last year Order book £10.7bn, 92% of FY24 revenue secured
