The FTSE-100 listed, Indian-based and Africa focused mobile telco Airtel saw its stock under pressure on Thursday morning following the publication of Q1 earnings. Notable foreign currency headwinds have been in play following the devaluation of the Nigerian Naira, driving dollar-denominated revenues down by 16% whilst rising costs saw operating profits tumble by more than a quarter. The Airtel Africa share price was trading around 10% lower an hour into the day.
It was something of a mixed bag from Unilever this morning with interim results but investors seemed happy to take a glass half full approach. Second quarter sales missed estimates but margin growth was upbeat and even though management have cautioned that this progress won’t be repeated in the latter part of the year, the news has still been sufficient to drive the Unilever share price more than 6% higher in early trade.
Interim numbers from Centrica were also published today with profits tumbling as market pricing returned to more normalised levels. Management were keen to stress that the performance was in line with expectations, but the performance at retail arm British Gas was the most notable. Profits here dropped to £159m, down from £969m a year ago thanks to changes in pricing caps allowing the business to recover cash lost during the early stages of the energy crisis. The interim dividend was upped and the share buyback extended by £200m but this was still insufficient to find favour with investors. The Centrica share price was close on 7% lower shortly after the open.
Headlines we expect tomorrow
Drax Group Interim Results
This time last year Operating profit £392m, Adjusted EPS 46p, Interim dividend 9.2p
Rightmove Interim Results
This time last year revenue £179.5m, Interim dividend 3.6p, Market share 86%
