City Link failed to turn a profit on Friday posting a pre-tax loss of £26.4m while turnover for the year was up 4.8% to £321.7m. Rentokil was disappointed and said the "financial performance in the year was behind our initial expectations".
However, CityLink remains propped up by the rest of the Rentokil. Its share price rose 10% in the past seven days. Imagine what would happen if City Link ever turned a profit?
Rentokil was pretty much the only share price riser in the week. After the FTSE hit a five year peak in the previous week, speculators have been profit raking. That means some share prices have drifted down slightly, affecting the MT basket (but not the combined market cap average, which feels the benefit of confidence in Rentokil).
One person with faith in the share performance of their organisation is Adrian Colman, financial director at Wincanton. He bought 36,000 shares in the business on Monday 18 March. As of today they were worth £1.96m - and 3.6% of the total share value of Wincanton.
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