Three things you need to know in the financial markets this morning from investment writer, Tony Cross.
The Sage Group
Slim pickings as is often the way for a Friday, but one heavyweight on the agenda today is Sage LON:SGE. The UK based software company published full year numbers which showed steady revenue increases but some margin erosion. The company has put aside a relatively small sum to account for bad debts arising off the back of COVID-19 and notes that even with the economic uncertainty that prevails right now, revenues for the coming year should increase by a further 3%-5%.
ImmuPhama
ImmuPhama LON:IMM has given investors a date for their diaries with news this morning that a meeting with the FDA has been confirmed for December 4th. This will allow its licensing partner to seek guidance from the regulator and also apply for conditional approval of a new drug to treat an auto-immune disease whilst phase 3 trials are underway. A further update has been promised as soon as news is released, but this clearly has the ability to drive sentiment.
Unite Group
There’s an update out from student accommodation providers Unite LON:UTG, highlighting the fact they have secured a site in Paddington to build an 800 bed development subject to planning permissions. The note also includes details of how the current year is progressing, noting that 88% of all beds are let, down from 98% in the previous academic year. This, combined with rental arrears means that the anticipated reduction in rental income has been adjusted to a level of up to 20%, from a previously stated 10%-20% range. However the company believes students remain committed to studying away from home and this current episode can be overcome.
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