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. Kainos interims appear mixed but £30m share buyback tabled
An eclectic mix of updates this morning off the back of a relatively quiet news agenda, but IT provider Kainos LON:KNOS has issued interim results this morning, noting revenues up 7% but adjusted pre-tax profits down by 16%. ARR is 19% higher and the contracted backlog rose by 12%.
Management reiterated full year guidance whilst there’s also optimism over the mid-term outlook, but will questions be asked over the rising operational costs? A new £30m share buyback has also been announced.
2. Strong commodity prices boost MP Evans’ outlook
Interims from the sustainable palm oil producer MP Evans LON:MPE headline with the fact that strong commodity prices are expected to have a beneficial impact on the full year position. The robust pricing environment combined with a focus on cost control means the board expects group revenues to be higher than previously forecast. Strong cash generation means that the business has also elected to pay down all outstanding loans.
3. Ferrexpo impacted by power supply disruption
As the war in Ukraine drags on, there’s a note from Ferrexpo LON:FXPO out highlighting that interruptions to power supplies were experienced on Saturday, resulting in operations being suspended at two of the company’s subsidiaries.
The note highlights that in anticipation of such issues, stockpiles had been built up to provide a buffer and minimise disruption to the production cycle and that power supplies are now starting to be restored.
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