Shares in sandwich maker Greencore hit their highest level in three years after it revealed plans to return £30m to investors following an improvement in profits.
Having seen its profits more than double to £28.3m in the first half to March 29, the FTSE 250 firm said its annual haul is now expected to be between £86m and £88m.
Greencore, which produces everything from ready meals to frozen Yorkshire puddings and sandwiches for supermarkets and convenience stores, said the boost came despite revenue falling 6.4 per cent to £866.1 million. pounds, thanks to the elimination of a number of low-margin contracts.
The £30m share buyback, which Greencore wants to complete within six months, is part of plans to return £50m to investors over the next year.
It also wants to pay an annual dividend, if trading remains strong. The shares rose 18.8 per cent, or 26.2 pence, to 165.6 pence, their highest level since May 2021.
Share buybacks: Having seen profits more than double to £28.3m in the first half to March 29, Greencore said its annual haul is now expected to be between £86m and £88m.
Airport catering provider SSP found itself at the other end of the FTSE 250 rankings as its profits fell 19 per cent to £13m due to rail strikes in the UK, France and Germany. .
The shares fell 9 per cent, or 18.8 pence, to 190 pence.
The FTSE 100 fell 0.1 per cent, or 7.75 points, to 8,416.45 and the FTSE 250 fell 0.5 per cent, or 89.96 points, to 20,783.37.
Kingfisher, owner of Screwfix and B&Q, said sales fell 0.3 percent to £3.3 billion in the first quarter as a strong performance in the UK was overshadowed by a decline in its French businesses.
The shares fell 0.1 per cent, or 0.3p, to 264.4p.
Headgear manufacturer Avon Protection ended its first half with £157m of orders after winning contracts from the Ministry of Defense and the German navy. The shares gained 3.3 per cent, or 44 pence, to 1,372 pence.
Meat producer Cranswick has warned that the Government’s decision to increase the salary threshold for people arriving in the UK on skilled worker visas (from £26,200 to £38,700) will affect its ability to recruit staff.
The company said a key portion of its workforce is made up of more than 650 employees from the Philippines, but the change will “significantly limit job accessibility” for the foreseeable future.
The comments came as its revenue rose 11.9 per cent to £2.6bn in the year to March 30, while profits rose 13.5 per cent to £158.4m. The shares fell 0.9 per cent, or 40 pence, to 4,385 pence.
Warehousing company Big Yellow Group said revenue rose 6 per cent to £199.6m in the year to March 31, while profits more than tripled to £241m. The shares gained 4.9 per cent, or 58 pence, to 1,238 pence.
Dowlais, owner of GKN Automotive, warned of lower revenues as it faces greater volatility in electric vehicle production. Sales fell 1.9 per cent to £1.7bn in the four months to the end of April.
It now expects 2024 revenue to be “slightly lower” than last year.
The shares sank 6.1 per cent, or 4.7p, to 72.15p.
Shoe Zone cut more than £1m from its profit forecast, reducing it to £13.8m, as the retailer said it faces a higher wage bill due to rising national living wage and shipping costs due to disruption in the Middle East. The shares sank 4.8 per cent, or 9p, to 176p.
