Three things you need to know in the financial markets this morning from investment writer, Tony Cross.
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.
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 [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.
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