Tuesday, 1 August 2017

FTSE 100 lifted by aerospace giant Rolls-Royce and Direct Line



Shares in aerospace giant Rolls-Royce led the FTSE higher, jumping 10.25% after its profits beat expectations.

 
The company reported a 12% rise in revenues to £7.57bn for the first six months of the year, helped by a 27% increase in large engine deliveries.


Rolls also said cost savings were ahead of schedule and it was on target to hit profit forecasts.


The company reported a first-half pre-tax profit of £1.94bn, compared with a £2.15bn loss a year earlier.


Underlying profits more than doubled to £287m, comfortably beating analysts' forecasts.
At the close, Rolls-Royce was the biggest riser on the FTSE 100, with the index up 51.66 points at 7,423.66.


Intertek Group was another big riser, up more than 9%, after the product testing company said its half-year profits rose more than 20% to £210.3m.


Shares in Direct Line were up more than 5% after the insurer reported a 9.5% increase in operating profits to £354.2m.


On the currency markets, the pound was down a fraction against the dollar at $1.3208 and 0.34% higher against the euro at 1.1196 euros.




BBC     News.