The retail group WH Smiths found itself in the press over the weekend amidst speculation that it was looking to sell its UK high street stores and instead focus on its global travel retail division which now accounts for 85% of profits. This morning the company published a note to confirm it was exploring possible strategic options here, adding that the division remained both profitable and cash generative. Whilst there’s no certainty any deal will complete, the market reaction was positive. WH Smiths share price added as much as 8% in early trade to top the FTSE-250.
Shares in the green energy company soared this morning after management announced they had agreed terms to be acquired by Esyasoft in an all cash transaction, valued at 490p per share. The deal has been in play since the autumn but the position reflects a 66% premium to the pre-offer valuation. The Good Energy share price was up 21% by 9am, at 480p so incorporating the bulk of the premium.
The low-cost airline published Q3 results this morning, noting a sharp year on year increase in post-tax profits thanks to 9% passenger growth and marginally higher income. With Easter falling late this year along with a raft of external supplier and political factors that the airline has little ability to influence, there’s still a degree of uncertainty as to how the full year performance will map out, but full year profit guidance of EUR1.55bn-1.61bn has now been given. The Ryanair share price added almost 4% in early trade.
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