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UK stocks tracked sideways in early trading on Tuesday after US Federal Reserve officials cooled inflation fears, though a strengthening of the pound against the dollar weighed on exporters. At 0825, the benchmark FTSE 100 index was down just 1.25 points at 7,050.34.
Industrial software group Aveva rallied 4.2% to £34.14 even as it reported a 63% slump in annual profit after the pandemic hits sales in the first half.
Aveva nevertheless upped its dividend by 1% to 23.5p per share, citing a second-half sales recovery that had limited a full-year fall in revenue to just 1.4%.
Engineering group Smiths fell 1.2% to £15.41 on announcing that chief executive Andy Reynolds Smith had stood down with immediate effect and been replaced by former 3M executive Paul Keel.
The change had been 'mutually agreed as the right time to provide new leadership as Smiths enters into its next growth phase,' the company said.
Military gas-mask maker Avon Rubber fell 1.6% to £32.16 despite hiking its interim dividend 30% to 14.3c per share, having swung to a first-first-half profit.
Avon Rubber also announced that it would change its name to Avon Protection in the second half.
London West End property group Shaftesbury was broadly unchanged at 598.48p after it booked a deeper first-half loss as the pandemic hurt retail footfall, squeezing rental income and lowering asset valuations.
On a brighter note, Shaftesbury said footfall and spending were recovering as lockdowns ease. It declared an interim dividend of 2.4p per share.
Infrastructure group Hill & Smith climbed 1.6% to £15.28 as its revenue rose 10% in the first four months of the year, alongside an improvement in operating profit. Wagamama owner Restaurant Group firmed 2.5% to 131.6p on announcing that it had seen a 'very encouraging' recovery in sales since UK lockdowns eased.
In the five weeks to 16 May, Wagamama sites traded at about 85% of comparable 2019 sales levels, pub division sales also at about 85% and leisure division sales at about 60%.
Infant merchandise retailer Mothercare was broadly unchanged at 16.42p after it guided for a small underlying operating profit for the full year, even as its sales slumped 40%.
Mothercare had previously forecast a small loss at the underlying earnings before interest, tax, depreciation and amortisation level for the year through 27 March.
Fashion retailer Ted Baker added 0.5% to 180.94p, having secured an extension to its revolving credit facility with its existing lending syndicate to November 2023 with amended covenants.
Equipment and plant hire company Speedy Hire shed 4.3% to 77.55p as it booked a 21% drop in annual profit but resumed its dividend, citing a strong recovery in the second half.