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FTSE Russell, the global index provider, its latest quarterly review on 2 June 2021, which saw one change to the FTSE 100, and five changes to the FTSE 250.

Nine months after its fall into the FTSE 250, ITV has made its way back into the FTSE 100 in the latest reshuffle. As previously reported, ITV struggled with a fall in advertising revenue, cancellation of shows and disruption to filming production due to the pandemic. Q3 2020 saw ITV’s shares trading as low as £0.57, but the share price has since more than doubled. ITV a rebound its latest trading statement, with the roll out of the COVID-19 vaccine resulting in increased market confidence and a recovery to advertising spend (with an expected 85%-90% increase in advertising revenue in June 2021) and the return of productions such as Love Island and the Euros. 

Last quarter, with the of its formal sale process (FSP) a day prior to the reshuffle, Renishaw was promoted to the FTSE 100 but it has not been able to sustain this momentum. Share prices have slipped back down to levels similar to those before the announcement of its FSP and after only three months, it has dropped back into the FTSE 250. The engineering company a strong balance sheet, with a 165% increase in pre-tax profit for the first three quarters of its financial year end (up to 31 March 2021) compared to the same period in 2020 and its dividend at £0.14 per share. Despite this, its FSP has failed to attract investors and it remains for sale. With the increased trend toward P2P transactions, Renishaw may have found itself a private equity suitor but Renishaw’s founders have made it clear that they will be unlikely to sell their 53% shareholding to a traditional private equity investor, declaring that they will be looking for a new owner ‘who will respect the unique heritage and culture of the business, its commitment to the local communities …and who will enable the Company to continue to prosper in the long-term’. 

The success of the digital commerce market during the pandemic has seen Moonpig, Trustpilot and Auction Technology (all of which were admitted to the Main Market in Q1 2021) promoted to the FTSE 250. 

Perhaps unsurprisingly, with a 60% market share in the UK amongst the online card sector, Moonpig announced its strongest trading week ever in the group’s history ahead of Valentine’s Day in its February 2021 and reported that it expected revenue to approximately double in comparison to the previous financial year. Moonpig’s share price closed on 1 June 2021 (one day prior to the reshuffle announcement) 35.6% above its IPO price, giving a market capitalisation of £1.62bn. For more on this story, see Moonpig sets the bar high for 2021 IPOs.

Spire Healthcare, one of the UK’s largest private hospital groups,  a recommended cash offer by Australian provider Ramsay Health Care on 26 May 2021. The company’s shares have been on the rise since the offer was announced, increasing 27% between 25 May and 1 June 2021, closing at £2.45 per share. For more details on the takeover bid, see Foreign bidders snap up the FTSE Main Market.

All changes will be implemented at the close of business on Friday, 18 June 2021 and take effect from the start of trading on Monday, 21 June 2021.