Three things you need to know in the financial markets this morning from investment writer, Tony Cross.
Amigo Holdings
Q1 results are out from Amigo loans [LON:AMGO] this morning, covering the April-June period. COVID-19 has taken a toll on the business, having afforded some 47,000 customers – that’s almost a quarter of its book – a payment holiday. Impairment provisions are up, but the big line is a complaints provision of £116.4m, although this is broadly unchanged from the figure reported last month. Despite the headwinds, the company still managed to make a £3m after tax profit for the quarter, although this was somewhat diminished from the £18.1m posted a year earlier.
Essentra
Essentra [LON:ESNT], the Milton Keynes headquartered provider of plastic and fibre products, has published interims today. COVID-19 took a toll on underlying markets, but the company notes that all its manufacturing facilities are fully operational and revenues have been recovering through the second quarter. Like for like revenues are down 8.5%, adjusted operating profits are 40% lower and this translates into an almost 50% reduction in EPS. The company sees Q3 being broadly flat, with further growth emerging in the final period.
Blackbird
We’re rounding off the week with Blackbird plc [LON:BIRD], an AIM listed developer and seller of a cloud video editing platform. They have partnered with Tata Communications to launch live video services for the sports industry. The note tells us that ‘Blackbird is the world’s fastest, most powerful professional cloud video editing and publishing platform, providing remote and rapid access to video content for the easy creation of clips, highlights and longer form content to multiple devices and platforms.’ No details of deal size are contained in the announcement, which unfortunately makes quantifying the partnership something of a challenge.
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