FTSE-250 listed financial services company Just Group published interim results this morning noting underlying profits up by 44% and retirement income sales up by 30%, with both metrics outstripping analyst expectations. The strong momentum is set to be maintained into the second half of the year, whilst management are also upbeat over the broader economic outlook with interest rates now starting to fall. The Just Group share price added almost 11% in early trade on Tuesday.
Again in the FTSE-250, specialist automotive engineers Dowlas Group issued its half year numbers this morning. ePowertrain sales have been struggling amidst volatility for demand of battery electric vehicles (BEV) and this seems to be dominating sentiment despite the company managing to outperform in some other sectors. On a constant currency basis, revenues are only down by 5% but profits slipped 26% and industry forecasts are now for the BEV market to remain sluggish for the remainder of the year. A mid to high single digit revenue decline is now forecast for the full year and although the Dowlas share price was more than 8% lower in early trade, losses have been trimmed in the first hour of the session.
This morning, Neo Energy announced that it was to acquire a uranium and gold resource in South Africa from Sunshine Mineral Reserve. This deal for a mix of cash, equity and royalty payments is priced robustly given the company’s £6m market cap but clearly there’s no shortage of confidence amongst investors that it will yield results in the longer term. The Neo Energy share price was trading 83% higher by 9am.
Headlines we expect tomorrow
Aviva Interim Results
This time last year Operating profit £715m, Interim dividend 11.1p
Balfour Beatty Interim Results
This time last year Revenue £4.5bn, Underlying eps 13p, Interim dividend 3.5p
