Shares in the financial services giant Hargreaves Lansdown jumped at the open on Friday following the publication of full year results and a determination from the board that they were unanimously recommending the 1140p per share bid that had been agreed with private equity suitors. Net new business inflows slowed by £600m year-on-year but market tailwinds saw total assets under administration soar to £155.3bn. Clearly this is all now rather academic given the bid situation, although the Hargreaves Lansdown shares are trading up 2% at 1100p shortly after the open, which is still 40p below the takeover price.
Budget airlines including easyJet have had a good start to the day in what appears to be read-across from last night’s news that Ryanair was to significantly increase its share buy-back plans as a result of its stronger than expected cash position. The easyJet share price advanced by 2.25% in early trade, whilst peer Wizz Air was around 3% higher an hour into the day.
Investors found something worth cheering from the bar operator this morning after management confirmed that a scheme of arrangement had been sanctioned by the courts yesterday, allowing for the restructuring to take place with a further £12.5m being injected into the business. The board expects the plan to deliver an annualised EBITDA improvement of £3.8m, with the Revolution Bars share price up by 18% just after 9am.
Headlines we expect on Monday
Stelrad Interim Results
This time last year Revenue £157m, Adjusted operating profit £14m, Interim dividend 2.92p
Marshalls Interim Results
This time last year Revenue £354m, Operating profit £26.8m, Interim dividend 2.6p
