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UK stock market : Severn Trent, Britvic, Kazakhmys, Spirax-Sarco

27/05/2011 by about : Company Reports - 0 Comments - 385 words

At 9.00AM The UK stock market opened strongly on Friday, with FTSE 100 up 1% by 9.00AM, after G8 indicated that the world economy was gaining strength.

Electronic products supplier Electrocomponents reported strong sales growth in all regions and online with profit before tax in the year to 31 March at £114m, up from £74.4m previously and ahead of market consensus of £113.5m. Revenue was ahead of market expectations, up 21% at £1.18bn from £972.6m a year earlier.

Entertainment arena consumer electronics company Armour Group reported sales of £23.8m in companies half-year till end-February and a loss before tax and exceptional items £0.7m as exceptional items amounted to £1.1m. Cash utilised in operations was £1.6m after £0.3m in 2010.

Water utilities group Severn Trent reported that turnover was up to £1.711bn in the year to end-March, an increase of 0.4% as profit in the period was £274.5m from £251.5m previously.

Soft drinks and mixers firm Britvic reported that sales had jumped significantly after a first-time contribution from its French division. Group revenuecame in up 25.3% from £505.3m to £633.1m in the six months ended 17 April.

Rare Earth Minerals raised £2.1m through a placing of 300,000 shares at 0.7p each with new shares to be admitted on 27 May 2011 while Zinc and silver explorer, Minco updated resource estimates published by XTierra, in which it has an equity holding, shows a 10% increase in Indicated Resources its the Bilbao deposit in Mexico.

Mining giant Kazakhmys indicated that its proposed listing on Hong Kong stock exchange would not involve issue of new shares indicating that the board of Kazakhmys believes that issue of new shares at current share price levels would not create value for existing shareholders.

Russia-focused Polymetal announced that it had acquired a 100% interest in a company holding the gold exploration and mining licences for Elmus property, in an area covering 188 square kilometers in the Republic of Karelia located approx 490 kilometers from St Petersburg. Polymetal is paying approx 33 million roubles or US$1.2 million.

Spirax-Sarco Engineering reported that Executive Director Tony Scrivin will retire on 31 July 2011. The Board will appoint a replacement in due course.


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