Three things you need to know in the financial markets this morning from investment writer, Tony Cross
Bodycote plc has published full year results this morning and they’ve come in well ahead of analyst expectations. With an eps of 55.9p, that 14% ahead of the 2017 figure and shareholders will once again be receiving a special dividend on top of the standard payout. The company is seeing solid growth in emerging markets and whilst they’re mindful of the global economic outlook, there’s a reasonable cash pile to help the business navigate turbulence.
Trade only IT distributor Northamber has published interim results today and the company’s UK focus plus ongoing Brexit malaise is laying bare the situation faced by many businesses. Revenues for the last six months are down by around 25%, which has in turn close on doubled losses for the period. This is a thinly traded small cap but the reaction today is unlikely to be positive.
Outsourcer Serco has signed a deal worth $200m to provide support to the US Pensions Benefit Guaranty Corporation. This is an entity which is responsible for the benefits of people who are in failed pension plans and should be seen as a prestigious win for a UK company. Picking up a contract like this in an increasingly protectionist US is probably worth applauding, although the note gives no indication of the expected margin on the project.