FBD Holdings, Genus and Volution Group

“The FTSE 100 was virtually flat in early trading after firmer sessions on Wall Street and Asia with traders keeping their powder dry ahead of a raft of UK, European and US economic data,” says AJ Bell Investment Director Russ Mould.

“Insurance group FBD Holdings has slashed its pre-tax losses but policyholders will continue to face increased premiums as the group restores profitability for its shareholders. FBD slashed first half losses to €3.7m, down from €96.4m a year ago when it was forced to set aside claims reserves of €88m. The group believes structural reforms are needed to tackle injury claims inflation and address the impact claims costs are having on the affordability of insurance for its core customer base in the Irish farm and small business sectors.

“Animal genetics specialist Genus slumped to the foot of the FTSE 250 board after losing a court battle over patents. A US court has ruled that two patents held by rival Sexing Technologies had been infringed and that Genus’s ABS unit had breached a confidentiality obligations set out in the 2012 semen sorting agreement between the parties. The jury will now consider a verdict on damages. Genus’s shares were down by nearly 10% in early trading.

“Volution Group was an early riser following strong revenue growth in its year to the end of July. The group, which is a leading supplier of ventilation products to the residential and commercial construction markets, has been bolstered by four acquisitions in the year which boosted revenues by 15.6%. Organic growth of 3% was helped by a very strong performance in the Nordics where revenue grew by 9.8% on a constant currency basis.  Brexit has heightened uncertainty in the UK market but Volution’s confidence for the year ahead is underpinned by its most recent acquisitions and geographic diversity.”

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