Shares in Rolls-Royce closed at a record high in the latest sign of its remarkable turnaround.
The FTSE 100 jet engine maker is one of Britain’s biggest defence companies and has gone from strength to strength following a recovery in air travel.
An upgrade from analysts at Jefferies sent the stock above 400p for the first time.
The broker said Rolls has shored up its finances and an improvement to its credit rating means it could start resuming its dividend payouts.
Last week it announced a £55million investment and 300 jobs to meet growing demand for its large civil aircraft engines.
Flying high: Rolls-Royce stock has more than quadrupled in value since ‘Turbo’ Tufan Erginbilgic took over as chief executive in January last year
Shares, which peaked at 396.5p in January 2014, rose 2.7 per cent, or 10.7p, to 400.7p.
It means the stock has more than quadrupled in value since ‘Turbo’ Tufan Erginbilgic took over as chief executive in January last year.
The FTSE 100 rose 0.2 per cent, or 15.75 points, to 7738.3 and the FTSE 250 fell 0.3 per cent, or 53.72 points, to 19,432.81.
Results from two home retailers show consumers are cutting back on big purchases such as kitchens, bathrooms and sofas – suggesting that many are still enduring the cost-of-living crisis.
Revenues at DFS fell 7.2 per cent to £505.1million in the six months to December 24. Profits fell to £900,000, down from £6.8million during the same period the year before.
The sofa seller added that trading has weakened over the last two months, leading it to lower its sales and profit forecast for the year to the end of June.
DFS piled on further misery by warning that the Red Sea disruption could wipe even more off its annual profits. Shares slumped 6 per cent, or 6.8p, to 106p.
Stock Watch – Mpac Group
Shares in a firm whose machines can package 12 Mars ice-cream bars every second rose after its sales hit £100m for the first time.
Mpac Group, which also helped PG Tips owner Unilever to make the first pyramid teabags, reported its revenues increased 17pc to £114.2m last year. Profits jumped to £4.7m, up from £200,000 in 2022.
The packaging automation firm also reported its highest ever orders in 2023. Shares soared 9.2pc, or 35p, to 415p.
At Wickes, the home improvement firm’s revenues and profits were largely flat last year.
It will also buy £12.5million worth of shares back from investors as part of its wider £25million repurchase scheme.
Wickes is snapping up a 51 per cent stake in the solar installations business Solar Fast. Shares slid 2.4 per cent, or 3.6p, to 146.4p.
Drug developer PureTech Health is to return £79million to shareholders following the £11billion sale of a company it founded that is working on a treatment for schizophrenia.
The London-listed firm will pocket around £230million from its remaining stake in Karuna Therapeutics, which was sold to Bristol Myers on Monday. Shares gained 9.3 per cent, or 19p, to 223p.
Review website Trustpilot swung back into profit last year following a surge in customers shopping around for the best deals.
The company made a £12.6million profit in 2023 – up from a £3.1million loss the year before while revenues increased 18 per cent to £138million last year.
Trustpilot’s monthly users soared 30 per cent to more than 57m in 2023. Shares rose 1.4 per cent, or 2.8p, to 208p.
US natural gas producer Diversified Energy outlined plans to strengthen its balance sheet by fixing its dividend payout in line with factors such as current commodity prices.
The group also agreed to buy four assets from Oaktree Capital for £322million but warned it may need fresh funds to complete the deal. Shares sank 3.8 per cent, or 35p, to 888.5p.
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