Here are three things you need to know in the financial markets this morning from investment writer, Tony Cross.
#1. Hays to resume dividend payments on positive outlook
The tail end of summer means again there’s not much to pick from in regulatory news releases this morning, but recruiter Hays LON:HAS is the stand-out with its full year results for the 12 months to June 30th. Fees are down by 8% although the company notes that there has been an improving trend through the year, with Q4 up by 39% on the same period in 2020. The company is confident over the outlook and investors will likely be placated by news that dividend payments are to be resumed, initially on a 3x cover basis and there’s scope to improve this, too.
#2. British Land Company sees momentum accelerating as the economy reopens
British Land Company LON:BLND has provided a strategic update, with the company noting that momentum is accelerating as the economy reopens. There are some details of recent acquisitions, although the one that stands out is the purchase of a car park under Finsbury Square in the City of London for £20m, with the company identifying its potential as a last mile logistics hub. The site’s use as a car park had been somewhat limited given it’s within the congestion charging zone, adding significantly to the cost of use by drivers.
#3. STV Group completes divestment of external lottery company
Broadcaster STV Group LON:STVG notes that it has completed the divestment of its external lottery company, following approvals being received from the gambling commission. Price details aren’t included but it appears they will be posted in half year results in two weeks time. It does however note that the transaction combines a modest consideration for the business with a multi-year advertising contract.
