There was a grinding of gears as the Aston Martin Lagonda shifted into reverse following the bad business news.
The luxury carmaker revealed a double-digit drop in revenue and huge losses in the first quarter, sending it down 6.8 per cent, or 10p, to 138.2p after a 5p drop. percent in the previous session.
It has lost more than 65 percent in about nine months.
Sales in the first quarter fell 26 per cent, with revenue down 10 per cent to £267.7 million. Losses rose to £138.8m from £74.2m.
But it thought the launch of four models should drive “significant growth” in the second half and beyond, allowing it to maintain its full-year guidance.
Slow lane: Aston Martin Lagonda revealed a double-digit drop in revenue and huge losses in the first quarter, sending its shares down 5.4% after a 5% drop in the previous session.
The general mood was cautious and the FTSE 100 lost 22.89 points, or 0.3 per cent, to 8,121.24, with this week’s all-time peak near 8,200 never looking worrying. The FTSE 250 fell 38.8 points, or 0.2 per cent, to 19,926.59.
The flow of results was once again the center of attention. Computacenter lost 1.6 per cent, or 42 pence, to 2,540 pence after the IT company said first-quarter performance was weaker year-on-year, and that UK operations remained difficult.
Domino’s Pizza lost 1 percent, or 3.2 p to 322.6 p, as it reported a drop in first-quarter comparable sales, although it was in line with expectations, and said it expects the second quarter to be difficult.
And Spirent Communications, which agreed an £880m takeover by a US rival in March, fell 1.9 per cent, or 3.7p, to 191p after a drop in first-quarter revenue.
Wickes lost 1.7 per cent, or 2.4 pence, to 143.2 pence after the building supplies retailer reported a 4.2 per cent drop in sales for the first 16 weeks of the year.
Stock Watch – Trinity Exploration & Production
Trinity Exploration & Production soared 50 per cent, or 18p, to 54p after it agreed to be taken over by rival Touchstone Exploration.
Trinity is one of the largest independent oil and gas companies focused on Trinidad and Tobago. Canada’s Touchstone also focuses on Trinidad.
The recommended offer will see Trinity shareholders receive 1.5 Touchstone shares for each Trinity share they own. The deal is valued at £24.1m. Touchstone fell 4.9 per cent, or 2p, to 39.25p.
It left its full-year profit outlook unchanged, although the environment remains uncertain, reflecting a strong start to the year in retail and its focus on costs.
But HSS Hire rose 6.3 per cent, or 0.52 pence, to 8.78 pence after its second-best results since its London listing in 2015, although profits fell due to higher costs.
The equipment rental company also announced that its chief financial officer will depart in September.
Aside from the results, AJ Bell rose 3.6 per cent, or 11.5p, to 335p, while analysts at UBS twice upgraded their rating on the wealth platform to ‘Buy’.
Inspiration Healthcare fell 45.2 per cent, or 14 pence, to 17 pence, a record low, as the medical technology supplier said an export order for material due at the end of January remains pending.
But Alpha Financial Markets Consulting rose 38.8 per cent, or 130 pence, to 465 pence after an indicative takeover proposal from private equity firm Bridgepoint Advisers, and saying Cinven is also considering a bid.
Altitude Group soared 15.9 percent, or 5p, to 36.5p, after the operator of a marketplace for the promotional products industry expects to at least meet consensus expectations for the year ended March 31st.
Concurrent Technologies rose 4.5 per cent, or 4.5p 104p, after it reported record revenue and profit.
Oil tiddler Deltic Energy fell 11.3 per cent, or 2.3p, to 18.1p, having halved its value on Tuesday amid caution over the prospects for its project in the south of the North Sea.
