Three developing stories at the UK stock market open.
1. Cranswick bring home the bacon as mid-term outlook upgraded
Food producers Cranswick LON:CWK have issued an update ahead of today’s Capital Markets Day which as well as outlining the agenda items (including “Investing in fresh pork processing to add capacity and enhance automation”) also includes some revised mid-term targets reflecting strengthening returns from the capital allocation model. ROCE is set to increase from mid to upper teens and a robust performance through the final quarter leaves the FY25 numbers on track.
2. 10% jump in profits at The Pru
Full year numbers from Prudential LON:PRU show a 10% increase in adjusted pre-tax profits, a 13% increase in the dividend payout and news that the current share buyback scheme is being accelerated, with completion now expected by the end of this year rather than mid ’26. Longer term trends in Asia and Africa are reported to be reasserting themselves whilst the note also contains news of a potential spin out of the ICICI division. Should this be successful then net proceeds would be returned to shareholders.
3. Additional dividend declared at Games Workshop
The board of Games Workshop LON:GAW have this morning declared a £1 per share dividend, as part of the company’s policy to distribute surplus cash. Shares will be marked ex-div next Thursday and this takes the dividends declared so far this year to £5.20, although given the share price, that’s still only a 3.5% yield.
