Business

MARKET REPORT: Bunzl buys McCue Corp and MedShop as spree continues

FTSE 100 distribution agency Bunzl bounced into the blue-chip risers after unveiling two additions to its business.

One is McCue Corp, a Boston agency that sells security bollards, queuing obstacles and nook guards present in supermarkets.

The agency has operations within the US states of Massachusetts, Texas and California, as properly as within the UK and different markets.



Shopping spree: FTSE 100 distribution agency Bunzl has purchased Boston-based McCue Corp and Australian medical provider MedShop

The second is Medshop, a medical provides agency centered on Australia, which sells all the things from stethoscopes handy sanitiser. The group has operations in Melbourne as properly as Singapore.

Bunzl accomplished the acquisition of Medshop this month, with the McCue acquisition anticipated to be finalised later this year. 

While the costs weren’t revealed, analysts at Peel Hunt calculated it splashed out £256million, taking its acquisition spend to £390million this year.

Bunzl boss Frank van Zanten stated McCue represented ‘an exciting expansion’ of the agency’s security operations, whereas Medshop will enable it to focus on an expanded buyer base in Australia. Shares rose 1.4 per cent, or 26p, to 2603p.

Stock Watch – Portmeirion

Portmeirion, the maker of Royal Worcester porcelain, climbed sharply after it reported a report set of half-year outcomes.

For the six months to the top of June, the Stoke-on-Trent-based pottery agency posted a revenue of £1.5million.

That swung from a £2.7million loss a year in the past, whereas company revenues elevated by 35 per cent to a report £43.1million.

The potter flagged up robust progress in its key South Korean market, including that it additionally expects to renew dividend funds this year.

Portmeirion’s shares jumped 9.7 per cent, or 60p, to 680p on the again of the information.   

The FTSE 100 was down 0.5 per cent, or 34.37 factors, at 7034.06, whereas the FTSE 250 dipped 0.4 per cent, or 88.47 factors, to 23,687.26.

Miners weighed on the blue-chip index as sharp cuts to metal manufacturing in China despatched iron ore costs to their lowest stage in 10 months. 

China is trying to curb greenhouse fuel emissions from the metal business, one in every of its greatest polluters.

The drop spooked analysts at Barclays, who downgraded their score on BHP, sending the shares down 2.6 per cent, or 54.5p, to 2026p. 

The financial institution additionally trimmed goal costs for Anglo American, which slipped 3.1 per cent, or 96.5p, to 2996.5p, Rio Tinto, sending it 2 per cent, or 108p, decrease to 5179p, and FTSE 250 digger Ferrexpo, which slumped 9.4 per cent, or 35.8p to 343.6p.

Oil costs continued to rise as Hurricane Nicholas slammed into the US Gulf coast mere weeks after Hurricane Ida, that means manufacturing within the space is more likely to undergo disruption.

Brent crude rose in direction of $74 a barrel, however BP slipped 0.8 per cent, or 2.3p, to 300p and rival Shell dipped 0.4 per cent, or 5.4p, to 1451.2p.

Ticket reserving app Trainline expects to return to profitability in 2022 as gross sales recuperate from the pandemic amid a surge in ‘staycation’ journeys within the UK. 

Sales for the six months to August 31 stood at £1billion, up from £358million in the identical interval a year in the past. Despite the optimistic replace, the shares have been down 2.6 per cent, or 9.8p, at 368.2p.

Kape Technologies, a privateness software agency managed by Cypriot-Israeli playing tycoon Teddy Sagi, jumped 14.3 per cent, or 50.5p, to 404p after a deal to amass digital personal community outfit Express VPN for £676million. 

The company has tapped buyers for £258million to assist fund the acquisition. Payments agency Equals Group was up 8.8 per cent, or 5p, at 62p after a report efficiency to this point in its third quarter. 

Silver Bullet, a digital advertising and knowledge specialist, was additionally lifted 2.8 per cent, or 7p, to 259.5p after securing a contract with Irish broadcaster RTE.

Audio recording agency Focusrite hit a foul notice as it warned of provide constraints attributable to a world scarcity of semiconductors and different elements as properly as ‘significantly higher’ delivery prices. Shares fell 2.3 per cent, or 40p, to 1675p.

Printer ink maker Xaar slid 13.8 per cent, or 31.4p, to 195.6p after a disappointing outcome. For the six months to June 30, it slumped to a £2.1million loss from a £1.3million revenue in the identical interval final year.

Electric meter maker Smart Metering Systems additionally tumbled 13.7 per cent, or 140p, to 884p after finishing a reduced fundraising to help its rising pipeline of orders. 

The group raised £175million by inserting 19.4m new shares at 900p every, a 12 per cent low cost to its Monday closing worth.

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