Hurricanes have proved to be good news over the past year for equipment rental firm Ashtead Group (AHT). After three major storms last year boosted revenues at the group – which supplies tools from concrete mixers to industrial chillers – it said it was setting up a ‘crisis centre’ in the Carolinas as Hurricane Florence approaches. The centre will have around 30 staff and will rent out clean-up equipment such as power generators and pumps.
Potato and daffodil farmer Produce Investments (PIL) rocketed as it accepted a £53million takeover offer from private equity firm Promethean Investments. Investors were offered 193p per share, which caused Produce to shoot up 31.6%, or 45p, to 187.5p. Produce’s chairman Ronald Barrie Clapham, 66, will rake in £11.5million from the deal. Produce Investments’s boss Angus Armstrong and his wife Bronwyn will together pocket almost £1million.
Metro Bank (MTRO) flamboyant founder and chairman Vernon Hill splashed out £818,700 as he bought 30,000 shares in the company. Investors took the purchase as a sign of confidence, causing shares to creep up 32p, to 2760p.
Alumasc Group (ALU) climbed 13p, to 138.5p. Its full-year results, despite being lower than last year, matched previous guidance. It has been a tough year for Alumasc, which suffered from poor winter weather, the collapse of contractor Carillion and a lower number of large construction projects.
Vectura Group (VEC) was preparing for harder times ahead. The company said it was thinking about stockpiling its products in case the UK left the EU with no Brexit deal and its supply chain was disrupted. The company slid the warning into its half-year results, which showed revenue was up 1.4% to £79.9million.
JD Sports Fashion (JD.) is now worth more than Marks & Spencer after it defied the High Street gloom to post soaring sales and profits. Revenues at the sportswear chain jumped 35% in the six months to August 4 as a ’90s revival saw 15-to-30-year-olds snap up Fila trainers and Ellesse tracksuits. Profits surged 19% to £121.9million during the period.
Unilever (ULVR) has just over a month to convince investors to back a controversial plan to scrap its UK legal headquarters. The Marmite maker has called a vote on the change – which will require backing from investors in the UK and the Netherlands – on October 25 in Rotterdam and October 26 in London.
Tesco (TSCO) is launching a budget supermarket next week to grab back sales from German rival discounters Lidl and Aldi. The UK’s biggest supermarket is expected to unveil the format called Jack’s – named after Jack Cohen, who founded Tesco in 1919.
has been ordered to hand over documents to the accountancy watchdog as part of an investigation into the company’s auditor. As bosses at the sporting goods chain braced for a backlash at today’s annual meeting of shareholders, a High Court judge said the firm had been ‘verging on obstruction’ in failing to comply with demands for the 40 documents.
Debenhams (DEB) shares rebound as chairman hits back at ‘noisy neighbours’ and the ‘circus’ surrounding the department store. Chairman Ian Cheshire said speculation was like a ‘circus’ and ‘nosy neighbours’. Department store expects full-year profits to come in at around £33m
