The thermal processing service Bodycote has this morning updated the market with full year results, noting improved margins and profits despite a fall in headline revenues. Management do highlight continued supply chain disruption and softer demand from the automotive and industrial sectors, with defence and aerospace remaining strong, but there’s an air of having to batten down the hatches and ride out the storm in the short term. The Bodycote share price was down 12% shortly after the open.
The non-prime lender Vanquis Bank published its full year results this morning, with management noting that 2024 had been a pivotal year for the company. Income was down, impairment charges were up – in part owing to vehicle finance claims - and the update also highlights significant growth in unmerited claims being attempted against the company, incurring a 50% increase in fees paid to the Ombudsman. That pushed statutory losses for the year to £136m from £12m in the comparative. The Vanquis share price is down 15% in early trade on Friday.
The housebuilder Berkeley published a trading statement today which reaffirmed previous guidance and despite setting a cautious tone over how the new Building Safe Levy may impact the company’s ability to build new homes going forward, the fact profits over the next two years are expected to come in just below £1bn appears to have placated investors. There’s also strong interest from buyers although management add that greater confidence in the interest rate trajectory would be useful. The Berkeley share price was up 1.8% at 8.30am.
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