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. Tritax Big Box highlights upgraded forecasts
Tritax Big Box LON:BBOX has published an update this morning ahead of an investor webinar, highlighting growth opportunities over the medium term. Management believe the company has the ability to grow adjusted earnings 50% by 2030 as a result of its significant logistics development pipeline, along with the exceptional returns which are being seen from its datacentres where guidance for yields is being increased to 9-11%.
2. PUSU deadline extended for Wood Group
Wood Group LON:WG. is facing challenges right now as audited 2024 accounts remain unpublished and takeover talks with Sidara continue. This morning the company has advised that the takeover panel has agreed to extending the Put Up or Shut Up deadline until 28th July, as both parties work with Wood Group’s lenders to try and find an amicable solution. The company’s stock has been suspended for two months owing to missed filing deadlines.
3. WH Smith completes High Street store sale with further discounting
WH Smith LON:SMWH has this morning announced that the sale of its high street retail business has now been completed, although this comes with a catch. Owing to a recent softening of sales, to ensure the transaction completed, the company has agreed to further concession from the buyer. As a result, gross cash proceeds are expected to be up to £40m, compared with a previously stated £52m.
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Transaction and separation costs remain unchanged at £27m. Whilst the difference here will make only a small impact on the company’s headline debt figure and allows the travel business to move forward, investors may still be unsettled.
