Here are three things you need to know in the financial markets this morning from investment writer, Tony Cross.
#1. PZ Cussons pre-tax profits ahead of expectations
Consumer goods group PZ Cussons LON:PZC has this morning released full year results to 31st May. Revenues advanced 2.7%, although that jumps to 7.1% on a constant currency basis and earnings per share rose by almost 8%. Adjusted pre-tax profits came in fractionally ahead of expectations and investors are being rewarded with a 5% increase in dividend. The company is heralding the performance in light of it being against tough comparatives when demand for hygiene products soared off the back of COVID-19 driven changes in consumer habits.
#2. Saga sees return to positive operating cash flow
Saga LON:SAGA has published interim results for the six months to 31st July. Performance has been in line with expectations although critically the company has seen a return to positive operating cash flow in the wake of it resuming cruise operations. Monthly cash burn on the travel side of the business is also sitting below previous forecasts and the company is optimistic over the outlook whilst being mindful of the fact COVID-19 volatility is still a risk. Whether the market will be buoyed by these numbers remains to be seen.
#3. Flutter Entertainment court settlement reached
A short note from Flutter Entertainment LON:FLTR, the sports betting company. They have reached an agreement with the Commonwealth of Kentucky as part of a long running case that started over a decade ago and relates to accusations levelled against a company it went on to acquire, for activity taking place as far back as 2006. Including interest, the initial claim was $1.3 billion, Flutter appealed to the supreme court and settlement has now been reached for a total of $300 million. Shares already jumped during yesterday’s trade but with the company now considering the matter closed, is there more upside to be seen?
