Commercial lender Funding Circle provided an update to the market this morning, advising that it had sold the company’s US business to allow it to focus on the core UK activity. The transaction is for a total consideration of £33m and the business simplification is part of a process to improve profitability. Over the medium term management now expect income growth of 15-20% CAGR, and profitability in the second half of the year. Shares are trading more than 13% higher in early trade.
Full year results from Simec Atlantis published this morning provided some cheer for the stock with management reporting a £23m profit against last year’s £11m loss. Group revenues almost quadrupled and operating costs were also dramatically reduced. There’s a lot to like in these numbers leaving the shares up a hefty 130% just over an hour into the day.
The real estate investors Land Securities noted this morning that the company had expanded its holding of the Bluewater “retail destination”. Based on last year’s figures, the £120m investment will yield and additional £10m a year in rent for the business and takes the company’s ownership of the site to 66.25%. Shares were trading almost 1% higher just after 9am.
Headlines we expect tomorrow
AO World Final Results
This time last year Revenue £1139m, Operating profit £13m, Net funds £4m
Marks Electrical Final Results
This time last year Revenue £98m, Operating profit £5.9m, Net cash £10m
