Insurers Beazley published interim earnings today that showed a modest uptick in revenues but a doubling of profits for the period to reach an H1 record of $729m. The undiscounted combined ratio which reflects the delta between premiums written and policies paid out came in at 81%, an improvement on the 88% posted a year ago, whilst the full year outlook here has also been upgraded. The Beazley share price jumped 11% in early trade.
At the other end of the FTSE-100 board, engineering firm Spirax also published its half year numbers this morning. These came in below expectations, with foreign currency headwinds and a weak macroeconomic environment both seen as weighing, although the company did add that they expect to see stronger growth in the second half of the year, with adjusted operating profit margins broadly in line with the FY23 figure. The Spirax share price was almost 9% lower an hour into the session.
Over on the FTSE-250, TI Fluid Systems has also had a good start to the day following publication of results for the first half. Despite revenue contraction amidst softening market conditions, adjusted basic EPS is 14.6% up on the comparative and the full year margin outlook has been revised higher, too. Shares were trading more than 11% higher shortly after the open.
Headlines we expect on Friday
Bellway Trading Update
This time last year Housing revenue £3.4bn, Completions 10,945, Average selling price £310k
Hargreaves Lansdown Final Results
This time last year Net new business £4.8bn, Revenue £735m, Total dividend 41.5p
