Three things you need to know in the financial markets this morning from investment writer, Tony Cross.
The international services and distribution group Bunzl [LON:BNZL] has published half year results this morning, showing some modest growth despite a darkening global macroeconomic outlook. Dividends are nudging higher for a 26th consecutive year and the board seems confident that the upward trajectory can be maintained. Fresh acquisition targets remain on the radar for the second half of the year.
A note from Carpetright [LON:CPR] this morning points out that one of the company’s major shareholders has elected to purchase the company’s £40m revolving credit facility from the current roster of lending banks. The deal comes with no demands of board representation or other commitments from the company, although questions will likely be asked as to the longer term intentions of the move.
One time FTSE-100 constituent Polymetal International [LON:POLY] has published half year results this morning, with strong sales in gold and equivalent markets serving to drive revenues 20% higher when compared to the same period a year ago. On the basis that historically the company will see lower costs and higher output in the second half of the year, the board is confident that full year figures can be met. A $0.20 interim dividend has been declared and full year production targets remain unchanged. Exchange rate risk does however have the potential to have a material impact on the final numbers owing to costs incurred both in Roubles and the Kazakhstani Tenge