Assa Abloy Buys Ghost Controls

Assa Abloy AB (ASAZF.PK), a Swedish manufacturing major, said on Thursday that it has acquired Ghost Controls, a supplier of automated residential gate openers.

Post-transaction, the acquisition will be accretive to the earnings per share of Assa Abloy.

Massimo Grassi, Executive Vice President of ASSA ABLOY, said: “Ghost Controls impressive development within the residential gate automation industry and their strong culture of innovation make them a very good complement to our core business.”

For 2022, Tallahassee, Florida-based Ghost Controls had reported sales of $30 million or SEK 300 million with a strong EBIT-margin.

Sanofi: Sarclisa Phase 3 Trial Meets Primary Endpoint Of Progression Free Survival

Sanofi (SNY) announced the Phase 3 IMROZ trial evaluating the investigational use of Sarclisa or isatuximab in combination with standard-of-care bortezomib, lenalidomide and dexamethasone or VRd met its primary endpoint at a planned interim analysis for efficacy, showing statistically significant improvement in progression-free survival compared with VRd alone in transplant-ineligible patients with newly diagnosed multiple myeloma.

The company said the study results will be submitted for presentation at an upcoming medical meeting and form the basis of a future regulatory submission.

For More Such Health News, visit rttnews.com.

Watches Of Switzerland H1 Profit Down, Backs FY24 Outlook

Watches of Switzerland Group Plc (WOSGF) reported Thursday that its first-half profit before tax dropped 20 percent to 67 million pounds from last year’s 83 million pounds.

Basic earnings per share were 19.8 pence, down 27 percent from 27.2 pence last year. Adjusted basic earnings per share were 21.5 pence, compared to prior year’s 27.8 pence.

Adjusted EBITDA fell 10 percent to 94 million pounds from last year’s 104 million pounds.

Group revenue edged down to 761 million pounds from last year’s 765 million pounds. Group revenue grew 2 percent at constant currency rates.

US revenue grew 11 percent in the period, and the US now comprises 43 percent of Group revenue.

Looking ahead for fiscal 2024, the company continues to expect revenue on an organic pre-IFRS 16 basis to be 1.65 billion pounds to 1.70 billion pounds, with growth of 8-11 percent at constant currency.

Adjusted EBIT margin is still expected to be same as the prior year, on an organic pre-IFRS 16 basis as well as on an IFRS 16 basis.

The company further said, “Looking further ahead, we are confident in our Long Range Plan objectives of doubling sales and profit by 2028 through capitalising on our leading market positions and the unique growth opportunities available to us as the world’s largest luxury watch retailer.”

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FTSE-100 plunges 23.52 sparking fears of ‘bear market’ in omen of decline

The FTSE100 is back below 7,500 points again this morning after JPMorgan downgraded British Airways’ parent company IAG. 

The airline group is the index’s biggest faller so far and JPMorgan is expressing caution about most of Europe’s big flag-carriers, given the potential for large capacity increases to bring yields down against a backdrop of low economic growth.

The investment bank is much more upbeat on low-cost airlines.

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AJ Bell FY23 Profit, AuM Rise; Lifts Dividend; Stock Up

AJ Bell plc (AJB.L), an asset management company, on Thursday reported higher profit and revenues, as well as assets under management for fiscal 2023.

Additionally, the company declared a final dividend of 7.25 pence per share, higher than 4.59 pence last year, payable on January 30, 2024 to shareholders at record on January 12, 2024. This results in the final dividend of 10.75 pence, 46 percent higher than 7.37 pence paid last year.

Profit before tax for the year increased 50 percent to 87.66 million pounds from 58.41 million pounds of last year.

After tax, earnings rose to 68.21 million pounds or 16.53 pence per share, from 46.73 million pounds or 11.35 pence per share of the prior year.

Revenue grew 33 percent to 218.23 million pounds from 163.84 million pounds of prior year period, on higher recurring ad valorem revenue that increased by 58 percent.

Assets under management were 4.7 billion pounds, higher than 2.8 billion pounds of last year.

Currently, AJ Bell shares are trading at 269.80 pence, up 4.57% on the London Stock Exchange.

Coats Group Agrees With UK Pension Scheme Trustee To Switch Off Deficit Repair Payments; Stock Up

Textile Manufacturer Coats Group plc (COA.L) Thursday said that it has entered into an agreement with UK Pension Scheme Trustee to switch off the monthly deficit repair payments, as a result of improvements in funding over the full year 2022.

Currently, Coats Group’s shares are moving up by 9.59%, to 73.86 pence on the London Stock Exchange.

Following the agreement, the company intends to pay 10 million pounds or $12.6 million as one-off lump sum payment, which will result in a free cash flow benefit of 2 million pounds or $2.5 million per month while the payments remain switched off.

Following an earlier valuation, Coats had agreed to pay monthly deficit repair payments at a rate of 21.6 million pounds or $27.2 million per annum through to December 2028.

As long as the scheme’s assets remain above 99% of its technical provisions, the monthly deficit payment will remain switched off.