Pick of the early market news
Filed under: News
We commence with an interim from Premier Foods; it's not good. Full group sales were disappointing - "significantly" so. And new CEO, Michael Clarke, is quick to warn on the problems for the three months up to 30 September.
"I've covered a lot of ground during my first weeks with Premier Foods and am convinced that there are substantial opportunities here but there are also significant challenges that we have to overcome."
Like group sales, which are down 3.6% at £477m and full year trading profits which are expected to plunge below market expectations. There is also "constructive" ongoing dialogue with banks on refinancing. "I will share further details about our key priorities at our Full Year results presentation, early in 2012."
Technology-led plastics business Carlco has issued a half year trading update, though there are few financial details. But good US medical business growth and significant expansion of its Indian business all underpin confidence claims the company.
"The group has traded in line with the board's expectations for the first half of the year with a solid performance given the current uncertain economic environment," said CEO Ian Williamson.
"As previously indicated, a greater proportion of operating profits is expected in the second half of the year." The group's financial position remains strong adds Williamson and "the bank re-financing exercise is well under way, terms have been agreed and we expect to complete this process shortly."
Finally, oil services business player Getech have announced a further sale of its Russian potential gravity and magnetic products. It announced in June 2011 resumption of Russian potential field data sales, with the first sale in 2011 of its aeromagnetic products.
"GETECH is now pleased to report a further order. The gross value of this new contract is more than $550,000 and delivery is anticipated to be completed in 2011," says director Raymond Wolfson.
"This provides additional confirmation that oil and gas company exploration is very active in general, and that there is a continuing need for gravity and magnetic data products in particular."