It was full steam ahead for Trainline this morning as the rail booking platform published a full year trading update showing sales growth falling at the very top end of expectations, up by an impressive 22%. UK growth continues to outstrip the international performance, but management also noted that the site was establishing itself as the go-to provider in Spain, and that tickets for travel between Barcelona and Madrid now made for the third most popular route on the network. Just over an hour into the day and shares were trading 12% higher.
International Personal Finance
Full year results from IPF, the provider of credit and insurance products to underserved markets, were published this morning. Pre-tax profits were up 8.4%, coming in well ahead of previous targets, and shareholders are set to benefit from a dividend that will be 12% higher than last year’s pay-out. Management note that the performance in FY23 has been so strong that ongoing profit expectations may need to be tempered going forward but the market was quick to applaud the news with shares up 10% in early trade.
Buy to let lender OSB published full year results this morning and whilst profits came in marginally ahead of forecasts, the number illustrated a sharp year on year decline, apparently driven in part by borrowers racing to refinance. There was a 5% increase in the dividend in a bid to sweeten the deal, but the proposed £50m share buy back was significantly lower than many had been expecting. Shares were 17% lower by mid-morning, although that was a significant improvement on the 30% loss being sported shortly after the open.
Headlines we expect on Friday
Bodycote Full year results
This time last year Revenue £744m, Operating margin 15.1%, Dividend 21.3p.
Berkeley Group Trading statement
Interim results to 31/10 Completions 1785 (6 months), Net cash £422m, Operating margin 19.5%
