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UK stocks opened higher on Tuesday after profit upgrades from Darktrace and Electrocomponents brightened the mood ahead of the release Wednesday of key US inflation data.
At 0813, the benchmark FTSE 100 index was up 39.45 points, or 0.5%, at 7,484.70.
Cyber security outfit Darktrace jumped 20% to 475p after it hiked its annual revenue and margin guidance following a better-than-expected first half.
Darktrace said its annual revenue was now anticipated to grow by 42-44%, up from previous guidance of 37-39%, with an adjusted earnings margin of 3-6%, up from 2-5% previously.
Electronics maker Electrocomponents rallied 4.2% to £12.24, having upgraded its full-year profit outlook after third-quarter revenue grew by more than a fifth, driven by performance in the Americas.
Electrocomponents was now expecting full-year adjusted pre-tax profit to be slightly ahead of consensus estimates of £278.2 million.
Miniature wargames manufacturer Games Workshop was flat at £97.55 after its profit slipped, despite a rise in revenue, thanks to higher costs including staff wages.
Games Workshop nevertheless declared an interim dividend of 100p per share, up 25% year-on-year.
Wealth manager Rathbones firmed 1.2% to £20.70 on news its annual funds under management had jumped 25%, thanks to positive market movements and fresh inflows into its funds
Rathbones' funds under management and advice at 31 December were £68.2 billion, up from £54.7 billion at the end of 2020.
Rival wealth manager Premier Miton reversed 3.2% to 197p, having reported flat first-quarter assets under management after experiencing net outflows from its funds.
Premier Miton's assets under management at 31 December remained at £13.9 billion, unchanged from the end of September, following £87 million of net outflows.
Veterinary drugs company Dechra Pharmaceuticals firmed 2.7% to £44.18 after it agreed to acquire the worldwide rights to Anivive Lifesciences' canine lymphoma treatment in dogs, for an undisclosed sum.
Dechra said the deal would see it acquire the global product rights and a first right of refusal for other species.
Power-control components supplier XP Power dropped 4.3% to £45.95 as it warned its profit would come in at the lower end of market forecasts after supply chain constraints squeezed its revenue.
XP's adjusted operating profit for the year through December was anticipated to be at the lower end of £46 million to £48 million, though on the plus side its order book rose to a record.
Recruitment company Robert Walters gained 2.5% to 830.5p, having upgraded its annual profit guidance after it boosted fourth-quarter gross profit by a third.
Profits for the year through December were now anticipated to be 'ahead of expectations', the company said in a trading update.
Footwear retailer Shoe Zone rose 5.9% to 125p as it swung to a full-year profit after cost cutting helped offset a fall in sales during the pandemic.
Shoe Zone did not declare any dividends for the year, though it said it was eligible to reinstate 'modest' dividend payments with 'an intention to return to the dividend list during the current period'.