12 May 2021 | 08:41am
StockMarketWire.com - UK stocks opened higher on Wednesday, recouping a portion of Tuesday s heavy losses, as local companies continued to release upbeat earnings updates as lockdowns ease.
At 0830, the benchmark FTSE 100 index was up 38.72 points, or 0.6%, at 6,986.71.
Sentiment also was buoyed by stronger-than-anticipated economic data, with British gross domestic product falling 1.5% in the first quarter, beating expectations of a 1.6% drop.
Alcoholic drinks maker Diageo gained 3.1% to £32.875, on announcing that it would initiate the second phase of £4.5 billion capital return program, but extend its duration by two years to 30 June 2024.
The welcome move came as Diageo forecast organic operating profit growth to be at least 14% in its current financial year, slightly ahead of organic net sales growth.
UDG Healthcare agrees £2.6bn private equity offer
The FTSE 250 group has also posted its interim results and announced the acquisition of US-based consultancy Nuvera
UDG Healthcare PLC (LON:UDG) announced it is recommending a £2.6bn cash offer put forward by private equity firm Clayton, Dubilier & Rice.
Under the terms of the acquisition, shareholders will receive 1,023p per share, which is a premium of 21.5% on Tuesday’s closing price.
The board of directors unanimously voted in favour and recommend shareholders to approve the deal, the healthcare services provider said.
“While the UDG board remains confident in the long term fundamentals of the group, we believe that this is an attractive offer for UDG shareholders, which secures the delivery of future value for shareholders in cash today,” said the firm’s chairman Shane Cooke.
12 May 2021 | 07:09am
StockMarketWire.com - Healthcare services provider UDG Healthcare upgraded its annual earnings guidance as improving margins in the first half helped offset weaker revenue.
Pre-tax profit for the six months through March rose 5% to $65.1 million, up from $62.3 million year-on-year, even as revenue fell 5% to $661.4 million.
For the full year, UDG forecast constant currency adjusted diluted earnings per share growth of between 10% and 12%, up from previous guidance of 9-11%.
Currency adjusted operating profit growth was expected at 12-14% ahead of the $165.3 million year-on-year, up from 11-13% previously.
In the first half, adjusted diluted earnings per share increased 8% and adjusted operating profit rose 10%.
12 May 2021 | 12:09pm
StockMarketWire.com - The recovery in the FTSE 100 faltered by midday with the index 0.4% higher at 6,974.59 having briefly traded above 7,000 earlier on.
Sentiment was buoyed by stronger-than-anticipated economic data, with British gross domestic product falling 1.5% in the first quarter, beating expectations of a 1.6% drop.
Alcoholic drinks maker Diageo gained 3.1% to £32.875, on announcing that it would initiate the second phase of £4.5 billion capital return program, but extend its duration by two years to 30 June 2024.
The welcome move came as Diageo forecast organic operating profit growth to be at least 14% in its current financial year, slightly ahead of organic net sales growth.