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. Pearson sees underlying sales growth
Educational publisher Pearson LON:PSON issued a nine month trading update this morning, with underlying group sales up 4% for the quarter and 2% on a YTD basis, with momentum expected to continue through to the year end. Looking further ahead, management guide that the company will deliver mid-single digit CAGR, sustained margin improvement and strong free cash conversion.
2. £1.3bn disposal at Smiths to boost shareholder returns
Smiths Group LON:SMIN has advised the market that it has agreed the same of Smiths Interconnect to Molex with an enterprise valuation of £1.3bn, a 15x multiple on headline EBITDA. Management are committed to returning a large part of the capital generated here to shareholders, with an update on the use of proceeds due with the Q1 filing in around a month’s time.
3. Tough construction market sees sales growth evading SIG
Specialist insulation and building products supplier SIG LON:SHI issued a Q3 trading update, noting no growth for the period against the comparative. The company continues to perform well on cost and working capital efficiency objectives and the full year outlook remains unchanged. The note adds that demand remains well below historical levels so the comparative outperformance is worth noting.
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