Three things you need to know in the financial markets this morning from investment writer, Tony Cross.
Go-Ahead
Another relatively light day for corporate news as would be expected at this time of the year, but transport operator Go-Ahead LON:GOG has announced that it has secured a two year contract extension from the Land Transport Authority of Singapore. This will see the company continuing to operate around 450 buses in one region of the city-state until at least September 2023. Over the last four years since operations commenced, Go-Ahead notes that it has helped improve customer satisfaction and efficiency of both drivers and engineers.
Polymetal International
Interim results are out from Polymetal International LON:POLY today, with the company noting that strong commodity prices during the first half of the year have helped support the business. Revenues rose 21% whilst cash costs fell marginally, contributing to a 53% increase in EBITDA. An interim dividend of US$0.4 per share, 50% of underlying earnings for the period and double what was paid in 2019 is being proposed – something which is likely to give shareholders cause for cheer.
Provident Financial
Provident Financial LON:PFG, the sub-prime lender, has published interim results today. Losses in its consumer credit division have taken a toll on performance as lower customer numbers and increased impairment charges took a toll on operations. The company notes that performance until mid-March was ahead of expectations and that the impact of COVID-19 is already abating, with requests for payment holidays in its Moneybarn division having fallen from around 400/day at its peak to 20/day over the last two months. Liquidity also remains strong, with the group holding £705m worth of regulatory capital, some £215m more than is necessary.
Sign up for three quick facts and more with our Free Daily Digest newsletter, every weekday morning.
