The market turned on Frasers Group shares this morning after the company issued a half year report which highlighted falling sales, a £50m impact from the recent UK government budget and a £25m downgrade for full year profits. Management noted that consumer uncertainty wasn’t improving now the budget had been presented and the situation was arguably compounded further after it was confirmed last night that the company would also be relegated from the FTSE-100 after an eight-year run in the top flight. The Frasers Group share price was down more than 12% by 9am.
Full year results from the specialist media platform provider Future are out today. Although performance for 2024 has been flat, a significant uplift in activity was seen in the second half and this appears to be bolstering support in the market, especially with forecasts over operating profit margins now expected to rise to 28%, up from 17%. In early trade, the Future Group share price is leading the FTSE-250, up 12%.
The energy engineering consultancy Wood Group made a key announcement this morning, advising the market it had been awarded three contracts from BP. Building on a decades long successful partnership with the oil giant, the agreement covers all BP business unit. No scale of the deal is offered in the update but as the note states, ‘the new frameworks will help to drive efficient and predictable delivery outcomes for bp global projects worldwide and will see Wood providing a clear focus on digitally enabled delivery as well as asset decarbonisation’. The Wood Group share price is trading almost 9% higher an hour into the day.
Most read news on Investegate
Recommended Offer for Brand Architekts Group plc - - Brand Architekts Group (BAR)
CMA APPROVES MERGER OF VODAFONE AND THREE IN UK - - Vodafone Group (VOD)
