Three key news stories unfolding as the UK stock market opens. Check out our companies reporting diary for upcoming results from FTSE 350 and selected international stocks.
1. CMC extends strategic partnership with Westpac, grows AU footprint
A note from CMC Markets LON:CMCX this morning highlights that the company has been selected as the preferred partner to extend its strategic relationship with Westpac. CMC will provide share trading services to Westpac and St George clients over both mobile and web-based platforms.
The cost impact to CMC is expected to be incremental and the arrangement will result in a meaningful increase in CMC’s market presence with the business post integration servicing circa 40% more customers with increased domestic volumes of approximately 45%.
2. Alphawave revenues up – but margins down
Alphawave IP LON:AWE issued interim results this morning. The company is working through regulatory approvals that would see it being acquired by Qualcomm [NasdaqGS:QCOM], with underlying trading momentum being maintained. Revenues are up almost 15%, although this has come at the expense of margin, expanding losses as a result. Cash is however higher and shifting fundamentals mean that H2 revenues are tipped to be meaningfully improved.
3. Hilton Food offloads Fairfax Europe for a healthy premium
Hilton Food Group LON:HFG has today announced the disposal of Fairfax Meadow Europe for £54m to Sysco GB NYSE:SYY. The move is tactical, allowing Hilton to better focus on areas where the company can deliver the best returns. Sysco however see the acquisition as playing a critical role in their future growth, with a skilled team of colleagues and a great reputation. Hilton paid £23.8m for the company around four years ago.
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