Tuesday, December 3, 2024

FTSE 100 Live 29 November: Mid-cap firm backs £1bn takeover, Peel Hunt results

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FTSE 100 Live (Evening Standard)

08:05 , Graeme Evans

Baillie Gifford UK Growth Trust, which includes Auto Trader, Experian and Games Workshop in its portfolio, today reported an improved performance for the six months to 31 October.

Net asset value per share total return was 8.1% compared to 1.8% for the benchmark FTSE All-Share Index total return, although the three and five year performances still lag behind.

With earnings growth predicted for the next three years, chair Neil Rogan reported “a much better starting position for a growth portfolio than has been the case for many years”

He added: “Many of the companies held will be able to grow even if the UK economy remains lacklustre.

“But the real excitement would come if the UK was able to unleash its growth potential. The new Government’s policy is geared towards increasing growth in the economy but achieving this will be challenging.”

07:40 , Graeme Evans

City firm Peel Hunt today returned to profit but said the recovery in market conditions slowed over the summer due to concerns around the Budget.

Turnover rose 26% to £53.8 million after the IPOs of Raspberry Pi and Aoti, while it also collected material M&A fees and generated increased trading revenues in the six months to 30 September.

Pre-tax profits of £1.2 million compared with the previous year’s £800,000 loss.

Chief executive Steven Fine said the recovery slowed over the summer period, with investor sentiment impacted due to concerns around the UK Budget, particularly in relation to AIM.

Trading in the first few weeks of the second half is in line with management expectations, with a “solid pipeline” of transactions including M&As and IPOs in the next financial year.

Fine added: “We welcome recently proposed policy initiatives, including pension reforms and HM Treasury’s call for evidence to support a growth and competitiveness strategy for UK financial services, which are designed to increase investment and liquidity in UK risk assets.”

07:20 , Graeme Evans

The run of takeover action in the FTSE 250 index continued today after the board of TI Fluid Systems today said it had backed a deal worth £1 billion.

The automotive fluid systems business is set to be bought by Canada-based ABC Technologies, which is backed by Apollo Global Management.

The bid price is 200p a share, which is a 54.5% premium to the average price of 129.5p in the three months leading up to September’s bid interest.

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