Cranswick, the premium sausage maker, said that full-year results for 2007 would be hit by rising pork, beef and poultry prices and falling retail prices. Shore Capital, the broker, cut to a “sell”, saying that the business was heavily exposed to a potentially soaring pork price later this year. Farmers are predicting that the size of Britain’s pig herd could fall dramatically. Cranswick shares were down 149p to 620p.
Air Music & Media, the distributor of DVDs, rose 11p to 67½p after it said that growing sales had made up for falling margins. Seymour Pierce, its broker, recommended a “buy”.
Humberts, the estate agent, continued to gain after news of its bid approach two days ago. It was up 1¼p to 15¼p. There is talk that John Hunt, the founder of Foxtons who recently sold the business, might be involved.
Victoria, the carpet maker, shook off fears of a sales drop, with a positive trading statement adding 32p to 267½p. Patsystems, the provider of trading systems to derivatives traders, was up 2p to 26¼p after Ion Trading, its privately owned rival, increased its stake from 26 per cent to 27 per cent. There is talk that it could launch a bid. A trading statement is due soon.
Financial Payment Systems dived 1¾p to 1.88p after it said that its Chinese joint venture was in jeopardy because its Chinese partner had failed to engage with the Government. Mediwatch, the cancer therapeutics company, slid 1¾p to ¾p after saying that takeover talks had been abandoned. Worthington Nicholls, the air conditioning maintenance company, which recently removed management, slumped another 0.62p to 9.38p after it gave warning of a substantial provision for legal costs.
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UTV Media, the owner of Ulster TV, rose 8p to 245p despite Investec cutting its price target from 300p to 252p amid worries about an advertising slowdown. Stagecoach Theatre Arts rallied 9½p to 58½p after strong results and talk of a broker upgrade.