Mining sector chips away at revenues in FTSE 350 companies, finds The Share Centre
The UK’S FTSE 350 companies with year ends falling in the second quarter of 2015 have seen their collective revenue fall five per cent to £100.5bn compared to last year, thanks to poor performance in the mining industry, figures released today by The Share Centre have revealed.
However, The Share Centre’s most recent Profit Watch report also shows that, when mining company BHP Billiton was excluded, revenue actually rose 12.9 per cent to £72.4bn.
Pre-tax profits also told a similar story, falling by roughly a third to £13.5bn for all companies, but rising by 19.8 per cent to £8.8bn once the mining company was taken out.
Helal Miah, investment research analyst at The Share Centre, said: “With so many more mid-cap firms reporting over the summer, the strength of the UK economy is shining through. It’s really encouraging to see such a terrific collection of results from the UK’s domestic stalwarts. As household incomes rise, and inflation sleeps, consumer spending has taken off, propelling sales and profits higher for a whole host of sectors.
“However, it’s quite a different picture abroad. With commodity markets slumping, currencies in Asia and emerging markets in a tailspin and economic headwinds blowing in many regions of the world, multinationals are failing to thrive.”