Newspaper article The Journal (Newcastle, England)

FTSE Sinks despite US Shops Boost

Newspaper article The Journal (Newcastle, England)

FTSE Sinks despite US Shops Boost

Article excerpt

Byline: FTSE 100 Carmen Gabriel Brewin Dolphin

THE FTSE 100 Index started the day in the red as investors took a cautious stance following the recent rally.

The news that US retail sales in February were better than expected did little to cheer investors and the UK large cap index ended the day down 29.1 points at 6481.5.

The infamous G4S reported full year results which were not well received by investors. Although the results were distorted by the treatment of the Olympics security contract, and the recent announcement of the proposed disposal of the US Government Solutions business, they were not all bad. Stripping out these factors, underlying organic growth of 7% was higher than expected due to new contracts in the US and the UK.

Mobilisation costs of new contracts and a flat operating margin in Secure Solution''s developing markets operations meant that the operating margin was slightly below the consensus forecast. Finance charges were higher and this contributed to a modest shortfall in earnings. …

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