Three things you need to know in the financial markets this morning from investment writer, Tony Cross
Rentokil Initial
A feel good story to start, with Rentokil Initial declaring that it is taking the lead on an interesting CSR initiative. Unclaimed dividends and untraceable shares – those which the company hasn’t managed to find beneficial owners after 12 years – will be paid into a good causes fund. Rentokil estimates that they have £1m ready to be paid into the fund, whilst across the FTSE-100 the amount of funds that could be generated are as much as £1 billion. More details on the charities which will be supported and how the scheme will work are available in the RNS.
Rightmove
There may have been some wobbles in the real estate market of late, but Rightmove’s full year numbers today seem to allay any cause for concern. Revenues up 10%, earnings per share up 13% and dividends are up 11%, whilst the company sees its domestic market focus as being good insulation against and Brexit-related risks.
Vertu Motors
There’s a trading update out from Vertu Motors today, which paints an interesting picture of the car market. The company operates a network of 125 sales and aftersales venues across the country and the numbers tell a very clear picture. Group revenues are up 5% and service revenues are up 14%. Used car sales have risen by over 6% whilst new car sales are down by almost 5%. This reflects the caution that sits in the underlying economy right now, but shows the company’s model of diversification to be well placed.
