In a week dominated by optimism over a deal between the EU and the UK which saw some share prices rise dramatically over the course of the last five days, here is a roundup of some of the main results and news from FTSE 350 companies.
The week started with the emerging markets-focused investment manager, Ashmore (LSE:ASHM), updating that assets under management (AUM) were broadly flat in the first quarter of its current financial year, compared to the final quarter of financial 2019, as net inflows were offset by a negative investment performance.
The FTSE 250-listed recruiter Hays (LSE:HAS) was hit by Brexit in its results this week. An update showed the UK and Ireland had performed worse with a 4% fall in UK first-quarter net fee growth. Total group growth was flat as macro-economic concerns hit Germany in an “increasingly challenging” climate.
The housebuilder Barratt Developments (LSE:BDEV) showed that it wasn’t hit so hard by Brexit uncertainty. Its financial year has started well with completions up 14% and its sales rate in the period was 0.72 net private reservations per active outlet per average week, in line with the same period a year ago. Based on current market conditions, Barratt continues to expect to grow volumes towards the lower end of its medium-term target range of 3% to 5% this year.
Unilever (LSE:ULVR) reported weaker-than-expected growth in third-quarter sales as growth in India and China slowed. Third-quarter underlying sales growth was 2.9%, missing consensus expectations of 3%. Meanwhile, turnover increased 5.8% from 2018 to €13.3bn.
Intercontinental Hotels (LSE:IHG) was affected by the unrest in Hong Kong. The group revealed that quarterly revenue per room fell 0.8%. Revenue per available room fell 6.1% in Greater China, with a 36% drop in Hong Kong. The group also warned of tougher trading conditions in the United States, but said it was confident in its financial outcome for the rest of the year.
Next week there will be updates and results from companies including Reckitt Benckiser, Whitbread, AstraZeneca, Royal Bank of Scotland, Barclays and WPP, amongst others.