FTSE 100 Live Tuesday
- Vodafone backs growth return
- Greggs posts sales upturn
- Diploma upgrade lifts shares
Market update: Vodafone results-day boost, Lloyds and Centrica higher
10:26 , Graeme EvansVodafone optimism and stronger Greggs trading today boosted the mood as the FTSE 100 index posted fresh gains and the FTSE 250 traded above 21,000.
The mobile and broadband provider’s shares rose 2% or 1.2p to 73.6p after it forecast the return of revenues growth in its largest division of Germany.
Regulatory headwinds have impacted the German operation, with a big valuation write down in today’s annual results sending Vodafone to a bottom-line loss for the year to March.
At an underlying earnings level, the group-wide figure of 10.9 billion euros met City forecasts as chief executive Margherita Della Valle predicted the group is well placed for “multi-year growth”.
She hailed the impact of a two-year restructuring programme, under which Vodafone has reshaped its footprint through the sale of businesses in Spain and Italy and a UK merger with Three.
AJ Bell investment director Russ Mould said: “After years of a moribund share price, Vodafone has worked hard to reshape the business but it feels like there has been a lot of running to stand still.
“It might be difficult to get back to significant growth but at this point shareholders would probably take the company becoming a more streamlined operation which can generate reliable cash flow to fund regular dividends and share buybacks.”
The stronger Vodafone performance came as the FTSE 100 index edged closer to a record high by lifting 38.82 points to 8738.13.
Diploma led the top flight, surging by 17% or 724p to 4946p after the supplier of seals and controls upgraded guidance alongside half-year results.
It was joined on the risers board by industrial conglomerate Smiths Group, which rallied 74p to 2128p as half-year results included a forecast for annual revenues growth towards the top end of previous 6-8% guidance.
Other stronger stocks included Marks & Spencer, which added 2% or 6.8p to 367.9p ahead of tomorrow’s annual results.
British Gas owner Centrica also cheered 2.8p to 154.8p, BT Group lifted 2.8p to 170.6p and Lloyds Banking Group improved 1.3p to 77.1p during a strong session for some of the UK’s most popular stocks.
On the fallers board, B&Q owner Kingfisher weakened 3.8p to 309.7p and Ladbrokes owner Entain declined 6.2p to 764.4p.
The FTSE 250 index is on track to close above 21,000 for the first time this year after lifting 46.14 points to 21,007.23.
Greggs topped the risers board, with shares up 6% or 129p to 2128p as investors cheered like-for-like sales growth of 2.9% in the first 20 weeks of 2025. This compared with 1.7% growth over the first nine weeks of the year.
The travel food firm SSP, whose brands include Upper Crust, Ritazza and Millie’s, also rose 4% or 6.3p to 173.5p after posting half-year results in line with expectations.
Cranswick launches farm welfare review
09:41 , Graeme EvansFood supplier Cranswick has launched an independent review into its animal welfare policies and livestock operations after abuse claims at a pig farm run by the business.
The move was announced alongside annual results showing revenues up by 6.8% to a record £2.72 billion for the year to March. Profit lifted 12% to £197.9 million.
The UK’s largest pork supplier suspended using Northmoor Farm in Lincolnshire after covert footage emerged last week appearing to show workers at the site abusing piglets.
Cranswick has said it will not sell on any pigs which were based at the farm.
Chief executive Adam Couch said in a statement that the business is now reviewing the welfare of its operations.
FTSE 100-listed Diploma jumps on “very strong” results
09:25 , Graeme EvansDiploma shares have surged 16% to the top of the FTSE 100 index after the industrial supplier upgraded guidance alongside half-year results.
The group, which is focused on the sectors of seals, controls and life sciences, buys small and medium sized businesses with the potential to deliver strong returns.
It reported organic revenues growth of 9% for the six months to 31 March, with an improved operating margin of 21.5% leading to earnings per share growth of 23%. Operating profit jumped to £139.4 million.
Despite the uncertain environment, Diploma upgraded its 2025 guidance to 8% organic growth from 6% previously and said it is on track for a 22% margin.
It said: “We delivered a very strong first half result with positive momentum continuing into the second half, as our value-add propositions continue to support our customers’ critical applications.”
Shares rose 688p to 4910p, having more than doubled in the past three years.
Greggs up 6% as results boost FTSE 250
08:51 , Graeme EvansThe FTSE 250 index today lifted 0.2% to touch the 21,000 mark, having rallied by 18% from its post-tariffs low point on 7 April.
Greggs topped the risers board, with shares up 6% or 125p to 2124 after the baker reported an upturn in like-for-like sales trends in recent weeks.
It said the above inflation increase in the National Living Wage had boosted the spending power of its customers.
The travel food firm SSP, whose brands include Upper Crust, Ritazza and Millie’s, also rose 4% or 6.4p to 173.6p after posting half-year results in line with expectations.
Revenue of £1.7 billion represented growth of 12% on a constant currency basis, with like-for-like sales up 5%. Operating profit of £45 million rose 20%.
Meanwhile, Cranswick shares lifted 90p to 5350p after the supermarket pork and poultry supplier posted a 12.1% rise in annual adjusted profits to £197.9 million. It also highlighted a positive start to the new financial year.
Smiths rallies in robust FTSE 100, Vodafone shares steady
08:26 , Graeme EvansVodafone shares are half a penny higher at 73p after the mobile phone group reported annual results in line with expectations.
The widely-held stock has fallen by 72% over the last ten years and by 43% in the last five, with its recovery held back by pressure on its largest operating division of Germany.
Richard Hunter, head of markets at Interactive Investor said: “Turning around a supertanker is never an easy task, especially when the company is in the midst of a highly competitive arena, but there are some signs that Vodafone is beginning to ring the changes.”
The FTSE 100 index has risen by 0.2% or 21.02 points to 8720.33, with Smiths Group the best performing stock after the industrial conglomerate said its 2025 revenue performance will be towards the top end of its 6-8% growth forecast.
Shares rose 28p to 2082p, alongside gains of about 1% for Lloyds Banking Group and Marks & Spencer.
Greggs backs outlook as trading conditions improve
07:36 , Graeme EvansGreggs today reported improved trading conditions after like-for-like sales in company-managed shops rose 2.9% in the first 20 weeks of 2025.
This compares with 1.7% growth over the first nine weeks of the year.
The bakery chain added that product innovation has also played its part in the upturn, including demand for new flavours of its over-ice drinks range.
Total sales rose 7.4% to £784 million, while the outlook for cost inflation is unchanged for this year at around 6% on a like-for-like basis.
It added: “Our plans for managing the inflationary headwinds are progressing well and, whilst early in the financial year, the board's expectations for the full year outcome remain unchanged.”
Greggs opened 66 new shops and closed 46, including 21 relocations, to leave the group trading from 2638 outlets at the end of last week.
It continues to expect the net addition of 140-150 new stores in the full year.
Vodafone sets out growth plans after two year overhaul
07:22 , Graeme EvansVodafone today reported annual earnings in line with guidance, with a weaker performance in Germany offset by trading in the rest of Europe and Africa.
Total revenues increased by 2% to 37.4 billion euros, with service revenues up by 5.1% on an organic basis.
Adjusted earnings rose by 2.5% to 10.9 billion euros, although write downs on the value of operations in Germany and Romania led to a bottom-line loss of 1.5 billion euros.
The figures follow a two-year restructuring programme, under which Vodafone has reshaped its operating footprint through the sale of businesses in Spain and Italy and its UK merger with Three.
Chief executive Margherita Della Valle today said the changes have positioned the telecoms group for “multi-year growth”.
Guidance for the current financial year points to adjusted earnings between 11 billion and 11.3 billion euros and free cash flow in the range of 2.6-2.8 billion euros.
Vodafone added: “The current macroeconomic climate presents significant uncertainties, particularly on trade and foreign exchange rates, which may impact our financial performance in the year ahead.”
As expected, Vodafone announced a total dividend for the year of 4.5 euro cents. This includes plans to pay 2.25 euro cents on 1 August.
FTSE 100 seen higher, China rate cut boosts Asia stocks
07:01 , Graeme EvansThe FTSE 100 index is set for another positive session after US markets recovered from a weak start to close marginally higher.
The Dow Jones Industrial Average was the best performing leading US benchmark with a 0.3% rise, while the S&P 500 lifted for the sixth consecutive day.
The improvement came as stocks overcame the initial setback of ratings agency Moody’s downgrading the US from its triple-A credit rating.
Asia markets are also trading higher today, with the Shanghai Composite up 0.4% following the decision of China’s central bank to cut a key lending rate for the first time in seven months.
The Hang Seng index is 1.2% higher and the Nikkei 225 up 0.3%, while the FTSE 100 index is seen about 0.4% higher after lifting 14.75 points to 8699.31 yesterday.
