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Investors slammed the brakes on Pendragon as the car retailer warned of a fall in demand for new cars. Profits dropped more than 20 per cent for both used and new cars sales over the past quarter. Pendragon said it will be reviewing its brands to evaluate the appeal of each and will make no further acquisitions in the US. Pendragon warned consumer confidence had waned and it expects the new car market to continue to decline. Chairman Mel Egglenton has stepped down with immediate effect for personal reasons, it was also announced. 75million off the value of the company. The FTSE 100 edged up 1.
2 points to finish the day at 7,524. Clinical trials of Shingrix, which aims to prevent the condition in those aged 50 and over, showed a 90 per cent efficacy rate. Shingles, which is caused by the same virus that causes chickenpox, is estimated to affect one in three people in the US. 2 per cent, or 4p, to 1,519. Its treatment for type-two diabetes aims to keep insulin levels under consistent control, and has also been shown to help weight loss in patients. Astra also announced a potential treatment option for patients with breast cancer in Japan. The business, together with Merck, has submitted a drug application to Japan’s regulator and a decision is expected in the second half of 2018.
A profit warning from Real Good Food left a bad taste in investors’ mouths. It’s the third alert from the ingredients group, which scrapped its earning guidance and warned this year would see a pre-tax loss. The firm is already taking decisive action by moving the company’s headquarters from London to Liverpool to cut costs. But there is a nagging doubt about the firm’s competitive position.
A squeeze on profits from rising prices, especially butter, does raise the question of whether Real Good Food is strong enough. 4 per cent, or 4p, to 22p. Braemar Shipping Services shares sank even as it promised profits would improve. The firm said cost-saving measures and a solid pipeline of business would see a continued recovery. Chairman David Moorhouse said the company was well placed to deliver a stronger performance in the second half of the year. CRH will buy the US cement manufacturer subject to regulatory approval.
Shares in CRH gained 1 per cent, or 28p, to 2,818p. How good is the Ford Mustang GT V8? Could you ditch bricks and mortar and buy a canal boat? No comments have so far been submitted. Why not be the first to send us your thoughts, or debate this issue live on our message boards. We are no longer accepting comments on this article. What on earth has been going on in Italy and what does it mean for you?
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