Interim numbers from the financial data company TP ICAP were published this morning, with revenues and profits both reported as rising. The interim dividend has been left unchanged but a third share buyback of £30m has been announced, with this due to launch as soon as the previous round completes. This combined with word that the company is still exploring options for spinning out its data business by way of a US IPO appeared to enthuse investors, with the TP ICAP share price jumping as much as 12% in early trade before giving back a little of those gains.
Wealth management play Quilter published interim results today showing a significant rebound in fortunes. Core net inflows were 164% higher and adjusted operating profits rose 28% to £97m. Significantly increased flows from IFA platforms were seen as being behind the move with management noting the company’s transformation as being well underway – but with more work still to be done. The Quilter share price advanced by almost 6% shortly after the open before giving back some of those gains before 9am.
The renewable energy company Simec published a note this morning advising that the company had taken full ownership of a 120MW battery storage system project in Uskmouth. The build won’t be completed until 2026 but the note contains a number of financials which investors clearly think favours the company. The nationwide push for a move to 100% renewable power makes projects like this invaluable with the support coming just days after the big gains posted by UK Oil & Gas as they advance development of hydrogen storage facilities. Simec Atlantis shares were up by as much as 25% in early trade although again some of those gains were subsequently given back.
Headlines we expect on Thursday
Hikma Pharmaceuticals Interim Results
This time last year Revenue $1.43bn, Operating profit $245m, Interim dividend 25c
Helios Towers Interim Results
This time last year Revenue $350m, Operating profit $69m, Net debt $1.71bn
