Magazine publisher Future had its worst day since September after it warned of a drop in online viewership.
The group behind titles such as Country Life, Marie Claire and Four Four Two said difficult market conditions are likely to continue, meaning results for the year through the end of September should be “at the lower end of current market expectations.”
That would suggest a profit of around £256m, down from £271.7m last year. Shares fell 15.9 percent, or 166 pence, to 880 pence.
In September, it plummeted nearly 18 percent when then-boss Zillah Byng-Thorne “informally indicated” that she wanted to step down by the end of 2023.
Byng-Thorne left in March and was replaced by Jon Steinberg, ex-president of Altice USA’s news and advertising division.
Slump: Magazine publisher Future saw shares plunge 15.6% after it warned tough trading conditions were likely to continue
But there is a decline in digital advertising revenue due to lower online audiences in the UK and US.
Group sales were flat in the six months to the end of March at £404.7m, while profits fell 3 per cent to £130.3m.
The FTSE 100 rose 0.3 percent, or 19.07 points, to 7742.30, while the FTSE 250 rose 0.4 percent, or 82.80 points, to 19298.25.
Markets around the world lifted amid growing hopes that the US could strike a deal on extending the debt ceiling.
Joe Biden’s administration has until June 1 to reach an agreement or the bill will default.
Back in London, the feel-good factor at JD Sports showed no signs of slowing down after JP Morgan reiterated its overweight rating on the stock and raised its price target from 210 pence to 215 pence.
It came a day after JD said it was on track to become just the fourth UK retailer to make £1 billion in annual profits. Shares gained 5.9 percent, or 9.65p, to 172.65p.
Homebuilder Vistry expects higher profits after improving sales since the beginning of the year. It expects a profit of ‘more than £450 million’ in 2023, compared to £418 million last year. Shares rose 4.6 percent, or 37 pence, to 851 pence.
National Grid reported higher profits after a strong performance of its UK electricity distribution business.
Profits rose 4 percent to £3.6 billion in the year to the end of March. It has invested a record £7.7bn in the past 12 months, with the majority having funded its net zero liabilities. Shares fell 2.9 percent or 32.5p to 1108p.
There was better news for Genuit after the UK’s largest producer of plastic pipe systems said earnings for 2023 should be ‘slightly higher’ than the £84 million analysts expected. Shares rose 13.8 percent, or 41 pence, to 339 pence.
Similarly, Convatec raised its full-year forecast after sales rose 3.1 percent in the first four months of 2023.
The medical device company, which makes high-tech dressings and wound dressings, expects sales to grow between 5 and 6.5 percent this year. Stocks added 5 percent or 10.8p to 226p.
Energy group Energean fell 7.9 percent, or 98 pence, to 1,138 pence after cutting its production guidance for this year.
Informa has agreed to buy Winsight, an events, data and media group focused on the food and drink industry, for £306 million. Shares of the fair organizer rose 2.2 percent, or 15.8 pence, to 722.6 pence.
It was a good day for Petrofac after the joint venture led by the rig builder was selected for a £1.2 billion petrochemical engineering, procurement and construction project in Algeria. It rose 13.8 percent, or 9.15 pence, to 75.4 pence.
Myhealthchecked has signed a deal with Boots, the UK’s largest chemist, to launch a new range of self-test kits covering areas such as gut health, stomach ulcers and sperm concentration, both online and in stores.
Shares rose 18.2 percent, or 4 pence, to 26 pence.
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