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. WH Ireland confirms suitor looking at all share offer
Wealth manager WH Ireland LON:WHI has this morning confirmed to the market that speculation boutique asset manager Team plc LON:TEAM made an offer for the business is correct. This is an all-share deal at a ratio of 0.195 Team shares for each WHI unit held. Whilst that is an equity offer with no cash component, it reflects a 4x multiple to last night’s closing price. Usual caveats apply of this only being a possible offer and there’s no inference it will complete
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2. Premier Foods ups full year outlook
Following disappointing numbers from peer Hilton Foods LON:HFG, Premier Foods LON:PFD issued half year results this morning. There were modest increases in both headline revenues and trading profits, with the company on course to meet full year expectations with new product launches in H2 set to help with adjusted pre-tax profits expected to be slightly higher than previously forecast.
3. Strong forward sales from Persimmon despite macro backdrop
Housebuilder Persimmon LON:PSN issued a Q3 trading update, noting a strong performance with forward sales up 15%, 83% of this year’s private deliveries now exchanged or completed and the company is on track to meet growth targets for the full year. Whilst management are mindful of the macroeconomic backdrop, the picture painted here seems somewhat more optimistic than noted by others in the sector.
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