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“The FTSE100 opened on the front foot following gains in the US and Asia overnight as markets recovered some ground after the sell-off prompted by calls for the possible impeachment of US President Donald Trump,” says AJ Bell Investment Director Russ Mould.
“Hikma Pharmaceuticals was the biggest blue-chip faller in early trading after it lowered revenue guidance. The problems are in the group’s generics business where it has been forced to revise the timing of the launch of its version of GlaxoSmithKline's Advair Diskus and where it faces increased price erosion on its marketed products. Hikma’s branded and injectables businesses are both on track. Hikma’s shares were down by more than 6.2%.
“Media group Future was a double-digit riser after a strong first half performance with substantial increases in both revenue and profitability, driven by organic growth and acquisition. Adjusted operating profit increased by 375% to £3.8m and adjusted earnings were up 140% at £4.8m. The group also turned a statutory loss of £0.3m last time into a profit of £0.9m. The group’s strategy, to build a global scalable platform business for specialist media with data at its heart, is gaining momentum as it continues to diversify its revenue streams.
“Private landlord Grainger increased adjusted earnings by 39% in the six months to the end of March and it expects this momentum to continue. The private rented sector growth opportunity is compelling with strong investment fundamentals. The group has already secured £439m of private rented sector investment, over half of its £850m target, and has good visibility on additional investment opportunities.”
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