Emerging markets asset manager Ashmore was one of the few companies issuing earnings news this morning in the shape of a quarterly trading update. AUM Was down 5%, with net outflows of $3.9bn and positive investment performance of $1.3bn. Whilst emerging market performance was seen as good over the reporting period, institutional asset allocation has been against the sector and the uptick in volatility seen in recent weeks will likely do little to encourage investors back in for now. The Ashmore share price was down 5% shortly after the opening bell although has been quick to claw back some of the losses.
The UK headquartered IT provider Kainos published a year end trading update noting a solid Q4 performance, whilst volatility caused by the UK elections last year is also abating, with public sector revenues returning to growth in the second half of the year. Medium term goals for annual recurring revenues remain on track and full year results will be published in the latter part of May. The market seems to like what it has seen so far however, with the Kainos share price up 10% in early trade.
News that suitor Sidara had tabled a price for the engineering business Wood Group offered the share price some respite this morning. The company is currently working through accounting issues and had previously been eyed as a buyout target in both 2023 and 2024. The offer being tabled today is just 35p, plus a significant cash injection, but that payout to shareholders will be well below the numbers discussed in recent years. As it stands, accounts won’t be completed by the end of the month and shares will be suspended. The Wood Group share price has added 10% but that’s only taken it to 27.5p, still some way short of the target.
Most read news on Investegate this morning
Update on Possible Offer - - Wood Group (John) (WG.)
March 2025 Quarterly Activities Report - - Greatland Gold (GGP)
Preliminary Results from Flow Testing at Megrez 1 - - Pantheon Resources (PANR)
