Round-up of today's results: Aviva, Morrisons, Schroders
A quick run-down of the raft of full-year results this morning. Aviva beat City forecasts with a 6% rise in profits last year to £2.5bn. Profit before tax slumped to £87m from £2.4bn, including a £726m loss relating to its Dutch subsidiary Delta Lloyd. Oriel Securities analyst Marcus Barnard said: "At first glance a better than expected set of results, with plenty for the bulls and something for the bears." He said the dividend had fallen slightly short. Aviva will pay out 26p a share to shareholders, up just 2% from 2010 and below expectations of 26.8p. More from my colleague Julia Kollewe here . The shares rose 9.2 to 360.4p. Sticking with financial stocks, Schroders said net inflows into its funds last year tumbled to £3.2bn compared with a record £27bn billion in 2010, reflecting concern over the debt crisis and broader macroeconomic worries during 2011. Pre-tax profits inched up to £407m. The fund manager said appetite from retail investors had improved this year. The shares dropped 31p to £15.30. Morrisons supermarkets had a good year . Pre-tax profits rose 8% to £947m on sales up 7% at £17.6bn. But Oriel Securities remain sellers of the stock: "Morrisons' prelims are undoubtedly strong and show good margin management in straightened times. Life will get tougher in the sector though and rhetoric remains more of a 'wait and see' nature so we would use any strength in the shares as a further selling opportunity." The shares ticked up 7.2p to 292p. Cinemas operator Cineworld said pre-tax profits rose 9.9% to £33.4m as sales edged up 1.5% to £348m. More from Katie Allen here . The shares rose 10.5p to 210p. Engineering group Spirax Sarco saw its shares jump 6% to £21.36. Pre-tax profits rose 7% to £132m on revenues of £650m, driven by a strong performance from its specialised pumps unit and higher demand in Asia Pacific. Clarkson posted a 9% rise in full-year pre-tax profits on the back of a challenging economic environment and worsening debt market. Revenues slipped marignally to £195m. Shares in the shipping services company rose 17p to £13.29. Finally, Corin Group, a manufacturer and supplier of orthopaedic devices, posted a full-year loss of £300,000 , mainly due to the cost of an aborted acquisition. The company said finance director Michael Roller will leave the company. The shares dropped 5% to 48.25p.
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