LONDON -- The FTSE 100 (FTSEINDICES:^FTSE) is down slightly today, having slipped 0.26% to 6,424 points as of 10:50 a.m. EDT. The index made small gains after the government of Cyprus abandoned its plan to help itself to a slice of the cash held in the island's savings accounts. However, in his 2013 budget announcement, Chancellor George Osborne halved 2013 growth forecasts to 0.6%.
Still, there are always companies faring far worse than the index itself. Here are three FTSE constituents falling behind today.
Shares in Greggs slumped 6.4% to 490 pence after the high-street baker reported a 2.2% fall in pre-exceptional pre-tax profit for the year ending December 2012. Total sales grew by 4.8% to 735 million pounds, but that included 100 new shops opened during the year, and like-for-like sales fell by 2.7%.
Diluted earnings per share rose by 0.5% to 39 pence. The full-year dividend was raised by 1% to 19.5 pence per share, for a yield of 3.9% -- the 28th annual rise in a row. Chief executive Roger Whiteside said, "We have reshaped our plans for 2013 to focus on our core estate by increasing investment in our successful new formats in 'food on the go' and 'local bakery.'"
IQE shares have dropped 4.2% to 28 pence despite a "record second half" bringing in a 45% rise in sales to 53.7 million pounds -- full-year revenue was up 17% to 88 million pounds. But although adjusted pre-tax profit rose by 5% to 8.6 million pounds, adjusted EPS fell by 14.5% to 1.59 pence.
Drew Nelson, chief executive of the semiconductor wafer technologist, told us: "IQE has been transformed over the last 14 months. Three major transactions, the completion of our capacity expansion program and the achievement of a number of significant qualifications in both wireless and photonics (optoelectronics) have laid the foundations for accelerated growth in 2013 and beyond."
Optos, the retinal-imaging specialist, provided us with a trading update ahead of interim results due May 16, and the share price responded by shedding 13% to 175 pence. Although we were told good things about the firm's contract to supply 250 Daytona imaging devices to OPSM, a leading optometry chain in Australia and New Zealand, we also heard that the second half will not meet prior expectations.
Chief executive Roy Davis told us that "Q2 performance will be lower than planned," with Daytona sales being "softer than we had hoped for" and net debt expected to increase.
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