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FTSE 100 movers: StanChart gains on results, WPP tumbles
(Sharecast News) - London's FTSE 100 was down 0.2% at 9,734.38 in afternoon trade on Thursday. WPP tumbled as it warned on profits again due to a slump in revenue and said it had launched a strategic review, with new boss Cindy Rose describing the advertising firm's performance as "unacceptable".
WPP said third-quarter revenue fell 8.4% from the same period a year earlier to £3.3bn, with revenue less pass-through costs down 11.1% to £2.5bn.
For the full year, WPP now expects LFL revenue less pass-through costs to decline by between 5.5% and 6%, versus previous guidance for a drop of 3% to 5%. In addition, headline operating profit margin is expected to be around 13%, versus previous guidance of down 50 to 175 basis points year-on-year excluding the impact of FX.
The company's guidance for adjusted operating cash flow pre working capital was unchanged at £1.1bn to £1.2bn.
Whitbread and JD Sports fell as they traded without entitlement to the dividend.
On the upside, Standard Chartered rallied as it said it expects income for the year to be towards the upper end of its 5% to 7% growth range after reporting a rise in third-quarter earnings driven by its wealth division.
Pre-tax profit grew 3% to $1.77bn. Chief executive Bill Withers said the Asia-focused lender now expected to hit its 13% target for underlying return on tangible equity in 2025 - a year earlier than planned.
FTSE 100 - Risers
Standard Chartered (STAN) 1,557.00p 2.70% Airtel Africa (AAF) 274.80p 2.38% Auto Trader Group (AUTO) 804.00p 1.31% Games Workshop Group (GAW) 15,800.00p 1.28% Hiscox Limited (DI) (HSX) 1,401.00p 1.23% SSE (SSE) 1,918.50p 0.97% Beazley (BEZ) 942.50p 0.96% GSK (GSK) 1,768.50p 0.94% Informa (INF) 975.40p 0.91% Sainsbury (J) (SBRY) 347.20p 0.81%
FTSE 100 - Fallers
WPP (WPP) 308.90p -14.34% Smurfit Westrock (DI) (SWR) 2,769.00p -4.19% Whitbread (WTB) 2,962.00p -2.76% Antofagasta (ANTO) 2,782.00p -2.52% JD Sports Fashion (JD.) 95.88p -2.48% Flutter Entertainment (DI) (FLTR) 17,715.00p -2.10% Anglo American (AAL) 2,898.00p -1.90% SEGRO (SGRO) 700.80p -1.82% Glencore (GLEN) 364.50p -1.82% Babcock International Group (BAB) 1,199.00p -1.56%
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