Another US activist investor is taking a pop at a British company.
Under pressure: Engine Capital is calling for Smiths Group to explore a break-up or sell itself in entirety
Engine Capital, a New York-based hedge fund set up in 2013, is calling for FTSE 100 engineer Smiths Group, founded in 1851, to explore a break-up or sell itself in entirety.
Smiths contributed to the latest 113.32-point rise by the FTSE 100, up 1.4 per cent this week to a record 8505.22 ahead of the long weekend in the US.
But the sofa retailer cautioned that profits were likely to fall in the rest of the year as Budget measures drive up costs.
Evoke, which also owns online casino groups 888 and Mr Green, advanced 5.5 per cent, or 3.8p, to 72.5p after revenues in the final quarter of 2024 were as much as 13 per cent higher than in the same period a year earlier.
At the end of a busy week for company results, DFS Furniture rose 5.1 per cent, or 7p, to 145p after estimating profit had nearly doubled in the first half its year to as much as £17m.
The FTSE 250, more exposed to the struggling UK economy, advanced a further 0.3 per cent, or 69.72 points, to 20597.42 in anticipation of the first in a string of interest rate cuts by the Bank of England next month.
Boss Per Widerstrom noted some ‘friendly’ sports results for the bookie as both Manchester City and Arsenal – often heavily backed by punters to win – hit a run of poor form.
